<Para ID="Par1">Modern macroeconomics has failed in the analysis of both the US banking and the euro crises, respectively, and there is also a rather inadequate view on a range of relevant policy issues. The approach presented herein looks at the reasons for analytical failure and suggests means of improvement...</para>

The American Institute of Contemporary German Studies (AICGS) assembled a group of researchers and policy makers in Germany and the United States to identify research and policy issues posed by the transformation we have come to call the new economy. This paper, which is the product of their...

International capital flows in a system of flexible exchange rates will affect stock market dynamics and stock market developments should affect capital flows and the exchange rate respectively. In this analysis, four accession countries have been considered in order to examine any potential...