The terror-attack hit the western world in a situation of a sharp cyclical downturn in the USA, Europe and Japan. Mainly because of increased uncertainty the downturn will be intensified by the attack. Immediately after the attack US monetary and fiscal policy became even more expansive. In...

Macroeconomically oriented wage policies had largely gone out of fashion. Instead, the prevailing view was that wage setting is just another market process comparable to market processes in goods markets. However, these theoretical approaches ignore some fundamental aspects of wage setting. For...

To handle the sovereign debt crisis in general and macroeconomic imbalances in particular the leading EU institutions (the Troika) adopted two broad approaches: The short-term approach is based on enhancing the Stability and Growth Pact and to imposing fiscal austerity on crisis countries. The...

Im Grunde möchte man diesem Buch eine weite Verbreitung wünschen: Es behandelt nicht nur die bisherige Politik der Europäischen Zentralbank eingehend und mit Vergleichen zur Politik anderer Zentralbanken (z.B. der Bundesbank), es werden auch breit volkswirtschaftliche Theorien des Geldes, der...