Authors of the Report on the European Economy 2012

Chapter 1 of the report discusses the immediate macro economic outlook for the global economy. Chapter 2 argues that the euro crisis was fundamentally triggered by major macroeconomic imbalances within the euro area. These imbalances hindered capital flows, while uncertainty surrounding the...

This chapter tries to explain the strong performance of public finances in Sweden and looks at what lessons for other countries can be drawn. Section 4.2 reviews the development of public finances over time. Section 4.3 begins by surveying the research on why fiscal policy in modern democracies...

In its 11th annual Report on the European Economy, the European Economic Advisory Group at CESifo contributes to public debate over the crisis by analysing intra-European balance-of-payments imbalances as measured by the Target accounts. It discusses the difficult trade-off between short- and...

Burning of fossil fuel is the main reason behind manmade climate change. By burning the carbon content, carbon dioxide is produced and quickly spreads in the global atmosphere. This increases the greenhouse effect, thereby changing the earth’s energy balance. Concern over the negative...

Evaluation of the financial costs of a Eurozone breakup depends critically on the interpretation of TARGET balances. While it has been argued that TARGET claims in the Eurozone can be written off without incurring any losses on the claimants as the value of fiat money is independent of the...

Hans-Werner Sinn zur Bedeutung des Gewährleistungsgesetzes für Deutschland und Europa.br So wie das Gewährleistungsgesetz formuliert ist, ist es für Deutschland ein unkalkulierbares Abenteuer und eine sichere Wachstumsbremse. Es wird die europäische Schuldenblase noch weiter aufblähen und...

»Sparen« oder »Wachstum«: Dies seien die alternativen Wirtschaftspolitiken, zwischen denen Politiker gegenwärtig wählen könnten. Hans-Werner Sinn und Niklas Potrafke zeigen, dass eine solche Alternative die Öffentlichkeit in die Irre führt. Zusätzliche Staatsausgaben zur...

Target-Kredite im Eurosystem – Die Stellungnahmen der Bundesbank – Was sind Target-Salden? – Kreditverlagerung – Zur ökonomischen Interpretation der Kreditverlagerung – Target-Kredite, Leistungsbilanz und Kapitalverkehr – Fünf vor zwölf – Target-Salden in den USA – Anhang:...