A rebound of consumption, investment, and consumer confidence in the second half of 2003 has raised hopes that the United States' recovery from the 2001 recession is on a sustainable course. According to this brief by Philip Arestis and Elias Karakitsos, however, the trend in the short-term...

In an asset and debt deflation, the process of reducing debt by saving and curtailing spending takes a long time, say authors Philip Arestis and Elias Karakitsos. Current imbalances and poor prospects for spending in the private sector affect the balance sheets of the commercial banks. The...

Bewertung des Inflation-Targeting in Deutschland und im Vereinigten Königreich Die Autoren vergleichen die Geldpolitik der britischen und der deutschen Währungsbehörden und die bei der Eindämmung der Inflation seit den 50er Jahren erzielten Ergebnisse. Sie erläutern das langfristige...

The relevant economic literature frequently focuses on the impact of credit shocks on housing prices. The doctrine of the New Consensus Macroeconomics completely ignores bank credit. The Great Recession, however, has highlighted the significance of bank credit. The purpose of this contribution...

Recent episodes of housing bubbles, which occurred in several economies after the burst of the United States housing market, suggest studying the evolution of housing prices from a global perspective. We utilize a theoretical model for the purposes of this contribution, which identifies the main...

This paper provides a theoretical explanation of the accumulation process, which accounts for the developments in the financial markets over the recent past. Specifically, our approach is focused on the presence of correlations between physical and financial investment, and how the latter could...

Zusammenfassung Die dynamische Einwirkung von Staatsausgaben und Geldbasis auf das Volkseinkommen: Der Fall Westdeutschland Der Aufsatz beschäftigt sich mit der dynamischen Einwirkung von Staatsausgaben und der Geldbasis auf das Volkseinkommen; er gibt Einsicht in die dynamischen Prozesse,...

The initial introduction of the euro has, against many expectations, been accompanied by a decline in the value of the euro (notably vis-à-vis the dollar and sterling). It has also been introduced at a time of high levels of unemployment within most of the European Union (EU). This paper...