When central banks pump money into the banking system during a financial crisis, such a policy is initially very effective, but the...

This paper provides empirical evidence suggesting that in industrial countries, recessions that are associated with either banking...

Housing crises usually go hand in hand with a long-lasting recession and a considerable loss in output. By looking at historical...

In this dissertation, I analyze the business cycle effects of severe economic crises, such as financial crises or housing crises. The...

KKB 7: Following a weak start into 2015, the global economy is expected to pick up again in the course of this year. ...

KKB 1: Die weltwirtschaftliche Expansion ist im Verlauf des Jahres 2014 erneut ins Stocken geraten. Von einem Aufschwung, der von...

KKB 9: The world economy is expanding at a more moderate pace with growth momentum continuing to shift from emerging to advanced...

We document that growth forecasts of professional forecasters in advanced economies exhibit systematic errors and analyze how these...

I empirically analyze the dynamics of business investment following normal recessions (declines in business investment that are not...

Monetary policy can stimulate business investment in various ways, most directly by improving financing conditions. Despite the...

Globalization influences inflation and the transmission channels of monetary policy in various ways. The effects of globalization on...

The macroeconomic surveillance mechanism of the European Union, namely the Macroeconomic Imbalance Procedure (MIP), is based on the...

The recovery from the Global Financial Crisis was characterized by sluggish output growth and by inflation remaining persistently...

We study the macroeconomic effects of monetary policy during financial crises using a Bayesian panel vector autoregressive (PVAR)...

Business investment in the euro area strongly declined during the Global Financial Crisis and the Sovereign Debt Crisis. It has not...

The ECB has launched an Expanded Asset Purchasing Programme (EAPP) similar to recent Quantitative Easing programmes launched by the...

We investigate whether recoveries following normal recessions differ from recoveries following recessions that are associated with...

We investigate whether recoveries following normal recessions differ from recoveries following recessions that are associated with...

After three years of mixed operational experiences, the European Semester has been streamlined and further reform has recently been...