Working Papers
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Working Paper Series
Crisis and Recovery in the German Economy: The Real Lessons
Mar 2014
Owing to its strong dependence on exports, Germany was among the economies hit hardest by the financial crisis.
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Working Paper Series
Sovereigns versus Banks: Credit, Crises and Consequences
Feb 2014
Two separate narratives have emerged in the wake of the Global Financial Crisis. One interpretation speaks of private financial excess and the key role of the banking system in leveraging and deleveraging the economy. The other emphasizes the public sector balance sheet over the private and worries about the risks of lax fiscal policies. However, the two may interact in important and understudied ways.
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Working Paper Series
Unemployment and Innovation
Jan 2014
This paper analyzes equilibrium, dynamics, and optimal decisions on the factor bias of innovation in a model of induced innovation.