Using business survey data on German manufacturing firms, this paper provides tests for hypotheses formulated in capital market imperfection theories that predict distributional effects in the transmission of monetary policy. The business conditions of small firms are found to be somewhat more...

Using business survey data on German manufacturing firms, this paper provides tests for hypotheses formulated in capital market imperfection theories that predict distributional effects in the transmission of monetary policy. The business conditions of small firms are found to be somewhat more...

In Deutschland sind die Einkommen vor Steuern und Transfers ungleichmäßiger verteilt als in der OECD im Durchschnitt. Erst durch die staatliche Umverteilung stellt sich die Verteilungssituation besser dar. Marcel Fratzscher hält dies für ein Armutszeugnis für die soziale Marktwirtschaft,...

"Welfare for everyone", according to former chancellor and economics minister Ludwig Erhard, has been the credo of Germany’s economic and social policy for the past 60 years. However, Germany is increasingly failing to achieve this objective. Germany is a country of enormous inequality -...

"Wohlstand für alle" - das ist seit Ludwig Erhard das Credo der deutschen Politik. Doch Deutschland ist an seinem Ideal gescheitert: In unserer Marktwirtschaft wird mit gezinkten Karten gespielt. In kaum einem Industrieland herrscht eine so hohe Ungleichheit - in Bezug auf Einkommen, Vermögen...

The actions by the European Central Bank (ECB) during the global and European crises have triggered a highly controversial debate, in particular in Germany, about the costs and benefits of the chosen policy path. The paper reviews, compares and evaluates the different arguments made in favour...

The actions by the European Central Bank (ECB) during the global and European crises have triggered a highly controversial debate, in particular in Germany, about the costs and benefits of the chosen policy path. The article reviews, compares, and evaluates the different arguments made in favor...