This paper develops a 9-dimensional SVAR to investigate the sources of the U.S. business cycle. We extend the standard set of identified shocks to include unexpected changes in commodity prices. Our main result is that commodity price shocks are a very important driving force of macroeconomic...

Inspired by Dornbusch's model of exchange rate overshooting we develop a theory of stock market behaviour. The idea is that stock market prices overshoot and undershoot their long-run equilibrium values which are determined by the development in the real economy. The overshooting is fuelled...

In early 2020, COVID-19 infected people throughout the world and brought world commerce to a standstill. Many believe that governments and global businesses were not as prepared as they should have been. While academics have occasionally predicted the economic problems that could result from...

Fundamental rights are being restricted to combat the pandemic. Can we question these measures' appropriateness?

Even in exceptional times, surveillance remains a political program rather than an imminent force.

Highly mobile world citizens were among the first to be infected. Meanwhile, the virus affects everyone - yet not everybody is affected equally.

Outside times of crisis, the WHO's voice is seldomly heeded. Its socio-political initiatives are regularly shot down, its actions reduced to policing illness. That is a mistake.