Major shifts in employment between industries and between firms within industries usually accompany recessions. Although this observation suggests that exogenous changes in the optimal allocation of labor are an important source of aggregate employment fluctuations, the macroeconomi significance...

This essay offers an analysis of actual German and Swiss monetary policy that explains this gap between operation and performance. It shows that neither country's central bank can be called a monetary targeter, according to a strict, formal definition of targeting, and it argues that the...

Accommodation of fiscal authorities by monetary policy is controversial, as can be seen in current euro area discussions. Some go further and suggest that confrontational enforcement by central banks taking a hard line on adjustment is critical to inducing longer-term fiscal stabilisation....

Im vergangenen Jahr wies Deutschland mit 2,7% die mit Abstand größte Defizitquote in der EU auf. Vor diesem Hintergrund empfahl die EU-Kommission, dass der Ecofin-Rat im Rahmen des Haushaltsüberwachungsverfahrens eine Frühwarnung aussprechen sollte. Da sich die Bundesregierung daraufhin...

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