Alternative Views On Macroeconomic Policy In Europes Economic And Monetary Union

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Alternative Views on Macroeconomic Policy in Europe’s Economic and Monetary Union

Author : Mariska Vereecken
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (15 download)

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Book Synopsis Alternative Views on Macroeconomic Policy in Europe’s Economic and Monetary Union by : Mariska Vereecken

Download or read book Alternative Views on Macroeconomic Policy in Europe’s Economic and Monetary Union written by Mariska Vereecken and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This research evaluated macroeconomic policy instruments with the ambition to propose views on alternative macroeconomic policy in the European Economic and Monetary Union (EMU) which may eliminate macroeconomic imbalances among member states. To tackle dissimilarities in economic conditions, actions are taken by European and national institutions. Most countries adopted fiscal austerity, attempting to reduce public deficits and debt, while the European monetary authority the European Central Bank (ECB) - uses unconventional policies to stimulate economic investment and growth. An overall finding of this research is that Europes governance surveillance mechanisms lack effectiveness to the extent that the future of the Eurosystem is questioned. Analysis of the impact of fiscal assistance, macroeconomic adjustment programmes and imposed structural reforms have not convincingly demonstrated their effectiveness on the economic performance of stressed member states - the GIPSIC countries. This research described two proposals for alternative macroeconomic policy in the EMU. First, the creation of a common Eurobond mechanism. Within this mechanism - proposed by De Grauwe (2012) - member states jointly issue Eurobonds, increasing shared responsibility of government debts and, with proper measures to curb moral hazard, eliminating free riders using the ECBs function as lender of the last resort. Second, Sinn (2014) and Stiglitz (2016) propose an alternative on macroeconomic policy, following Feldsteins (2010) initial suggestion for a temporary exit for Greece out of the EMU. Such temporary exit provides a stressed country an opportunity to adjust its economic and fiscal conditions back to appropriate and stable levels, ending bail-out procedures of stressed countries imposed by the core member states.

Alternative Perspectives on Economic Policies in the European Union

Author : P. Arestis
Publisher : Springer
ISBN 13 : 0230627358
Total Pages : 217 pages
Book Rating : 4.2/5 (36 download)

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Book Synopsis Alternative Perspectives on Economic Policies in the European Union by : P. Arestis

Download or read book Alternative Perspectives on Economic Policies in the European Union written by P. Arestis and published by Springer. This book was released on 2006-09-22 with total page 217 pages. Available in PDF, EPUB and Kindle. Book excerpt: In examining alternative economic policies for the EU after the rejection of the European Constitution, this book covers: macroeconomic policy and the European Constitution; EU financial integration; reform of European regional policy; assessment and alternative proposals on European structural policies; and labour market policies in the EU.

Rethinking Economic and Monetary Union in Europe

Author : Philip B. Whyman
Publisher : Routledge
ISBN 13 : 1315471876
Total Pages : 165 pages
Book Rating : 4.3/5 (154 download)

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Book Synopsis Rethinking Economic and Monetary Union in Europe by : Philip B. Whyman

Download or read book Rethinking Economic and Monetary Union in Europe written by Philip B. Whyman and published by Routledge. This book was released on 2018-01-17 with total page 165 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the wake of the Greek crisis, the future of the EU is the subject of a great deal of debate. This book critically evaluates the current new monetarist model of Economic and Monetary Union in Europe, presenting an alternative post-Keynesian (progressive) model, aimed at addressing the current problems of trade imbalance and asymmetric macroeconomic policy infrastructure that are augmenting tensions within the Eurozone. The book’s approach is based upon the development of a common, rather than a single, currency approach, and utilises post-Keynesian policy solutions in order to create a form of EMU which will promote full employment rather than austerity.

One Market, One Money

Author : Michael Emerson
Publisher :
ISBN 13 : 9780198773245
Total Pages : 356 pages
Book Rating : 4.7/5 (732 download)

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Book Synopsis One Market, One Money by : Michael Emerson

Download or read book One Market, One Money written by Michael Emerson and published by . This book was released on 1992 with total page 356 pages. Available in PDF, EPUB and Kindle. Book excerpt: The European Community is negotiating a new treaty to establish the constitutional foundations of an economic and monetary union in the course of the 1990s. This study provides the only comprehensive guide to the economic implications of economic and monetary union. The work of an economist inside the Commission of the European Community, it reflects the considerations influencing the design of the union. The study creates a unique bridge between the insights of modern economic analysis and the work of the policy makers preparing for economic and monetary union.

A Modern Guide to Keynesian Macroeconomics and Economic Policies

Author : Eckhard Hein
Publisher : Edward Elgar Pub
ISBN 13 : 9781849801409
Total Pages : 365 pages
Book Rating : 4.8/5 (14 download)

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Book Synopsis A Modern Guide to Keynesian Macroeconomics and Economic Policies by : Eckhard Hein

Download or read book A Modern Guide to Keynesian Macroeconomics and Economic Policies written by Eckhard Hein and published by Edward Elgar Pub. This book was released on 2011 with total page 365 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'For more than a decade, most macroeconomists convinced themselves they were witnessing a "Great Moderation". Many Keynesians saw instead the accumulation of a fragility and potential instability that have become dramatically manifest since 2007. the premise of this book is that the financial crisis and Great Recession necessitate a revival of Keynesian macroeconomics, emphasizing the central roles of effective demand, money and finance in modern capitalism. Comprising essays on all aspects of macroeconomic theory and policy, the book will prove invaluable for scholars and graduate students seeking to acquaint themselves with the frontiers of modern Keynesian macroeconomics.' - Mark Setterfield, Trinity College, US

Monetary Policy at the European Periphery

Author : Iannis A Mourmouras
Publisher :
ISBN 13 : 9783642570339
Total Pages : 238 pages
Book Rating : 4.5/5 (73 download)

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Book Synopsis Monetary Policy at the European Periphery by : Iannis A Mourmouras

Download or read book Monetary Policy at the European Periphery written by Iannis A Mourmouras and published by . This book was released on 2000-04-14 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Alternative Approaches in Macroeconomics

Author : Philip Arestis
Publisher : Springer
ISBN 13 : 3319696769
Total Pages : 373 pages
Book Rating : 4.3/5 (196 download)

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Book Synopsis Alternative Approaches in Macroeconomics by : Philip Arestis

Download or read book Alternative Approaches in Macroeconomics written by Philip Arestis and published by Springer. This book was released on 2018-02-07 with total page 373 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book honours Professor John McCombie’s retirement by exploring a variety of themes, theories and debates in non-orthodox macroeconomics. With contributions from leading scholars, the book covers diverse ground in economic thought, policy, empirical work and modelling. It demonstrates ongoing presumptions and asks probing questions of topical questions from the increase of income equality to the international variation of productivity investment. This collection will appeal to academics and students with an interest in the history of macroeconomic thinking.

The Euro Crisis

Author : P. Arestis
Publisher : Springer
ISBN 13 : 0230393543
Total Pages : 292 pages
Book Rating : 4.2/5 (33 download)

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Book Synopsis The Euro Crisis by : P. Arestis

Download or read book The Euro Crisis written by P. Arestis and published by Springer. This book was released on 2012-04-05 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: A detailed and informed analysis of the current crisis facing the eurozone, examining the root causes and exploring the possible outcomes and uncertain future of the European Union and its currency. Chapters include case studies of Portugal, Ireland, Spain and Greece, as well as broader comparative perspectives.

Economic Convergence in the Euro Area: Coming Together or Drifting Apart?

Author : Mr.Jeffrey R. Franks
Publisher : International Monetary Fund
ISBN 13 : 1484338499
Total Pages : 47 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Economic Convergence in the Euro Area: Coming Together or Drifting Apart? by : Mr.Jeffrey R. Franks

Download or read book Economic Convergence in the Euro Area: Coming Together or Drifting Apart? written by Mr.Jeffrey R. Franks and published by International Monetary Fund. This book was released on 2018-01-23 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine economic convergence among euro area countries on multiple dimensions. While there was nominal convergence of inflation and interest rates, real convergence of per capita income levels has not occurred among the original euro area members since the advent of the common currency. Income convergence stagnated in the early years of the common currency and has reversed in the wake of the global economic crisis. New euro area members, in contrast, have seen real income convergence. Business cycles became more synchronized, but the amplitude of those cycles diverged. Financial cycles showed a similar pattern: sychronizing more over time, but with divergent amplitudes. Income convergence requires reforms boosting productivity growth in lagging countries, while cyclical and financial convergence can be enhanced by measures to improve national and euro area fiscal policies, together with steps to deepen the single market.

Economic and Monetary Union Macroeconomic Policies

Author : P. Arestis
Publisher : Springer
ISBN 13 : 1137317892
Total Pages : 367 pages
Book Rating : 4.1/5 (373 download)

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Book Synopsis Economic and Monetary Union Macroeconomic Policies by : P. Arestis

Download or read book Economic and Monetary Union Macroeconomic Policies written by P. Arestis and published by Springer. This book was released on 2013-11-27 with total page 367 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book focuses on the construction of the economic policies of the Economic and Monetary Union (EMU) and its institutions. It reviews the faltering economic performance of the EMU countries before and after the onset of the financial crisis.

Coordination of Monetary and Fiscal Policies

Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1451844239
Total Pages : 33 pages
Book Rating : 4.4/5 (518 download)

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Book Synopsis Coordination of Monetary and Fiscal Policies by : International Monetary Fund

Download or read book Coordination of Monetary and Fiscal Policies written by International Monetary Fund and published by International Monetary Fund. This book was released on 1998-03-01 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recently, monetary authorities have increasingly focused on implementing policies to ensure price stability and strengthen central bank independence. Simultaneously, in the fiscal area, market development has allowed public debt managers to focus more on cost minimization. This “divorce” of monetary and debt management functions in no way lessens the need for effective coordination of monetary and fiscal policy if overall economic performance is to be optimized and maintained in the long term. This paper analyzes these issues based on a review of the relevant literature and of country experiences from an institutional and operational perspective.

Europe and the Euro

Author : Alberto Alesina
Publisher : University of Chicago Press
ISBN 13 : 0226012859
Total Pages : 477 pages
Book Rating : 4.2/5 (26 download)

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Book Synopsis Europe and the Euro by : Alberto Alesina

Download or read book Europe and the Euro written by Alberto Alesina and published by University of Chicago Press. This book was released on 2010-04-15 with total page 477 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is rare for countries to give up their currencies and thus their ability to influence such critical aspects of their economies as interest and exchange rates. Yet ten years ago a number of European countries did exactly that when they adopted the euro. Despite some dissent, there were a number of arguments in favor of this policy change: it would facilitate exchange of goods, money, and people by decreasing costs; it would increase trade; and it would enhance efficiency and competitiveness at the international level. A decade is an ideal time frame over which to evaluate the success of the euro and whether it has lived up to expectations. To that aim, Europe and the Euro looks at a number of important issues, including the effects of the euro on reform of goods and labor markets; its influence on business cycles and trade among members; and whether the single currency has induced convergence or divergence in the economic performance of member countries. While adoption of the euro may not have met the expectations of its most optimistic proponents, the benefits have been many, and there is reason to believe that the euro is robust enough to survive recent economic shocks. This volume is an essential reference on the first ten years of the euro and the workings of a monetary union.

Rethinking Macro Policy II

Author : Mr.Olivier J. Blanchard
Publisher : International Monetary Fund
ISBN 13 : 1484365860
Total Pages : 26 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Rethinking Macro Policy II by : Mr.Olivier J. Blanchard

Download or read book Rethinking Macro Policy II written by Mr.Olivier J. Blanchard and published by International Monetary Fund. This book was released on 2013-04-15 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: This note explores how the economic thinking about macroeconomic management has evolved since the crisis began. It discusses developments in monetary policy, including unconventional measures; the challenges associated with increased public debt; and the policy potential, risks, and institutional challenges associated with new macroprudential measures. Rationale: The note contributes to the ongoing debate on several aspects of macroeconomic policy. It follows up on the earlier “Rethinking” paper, refining the analysis in light of the events of the past two years. Given the relatively fluid state of the debate (e.g., recent challenges to central bank independence), it is useful to highlight that while many of the tenets of the pre-crisis consensus have been challenged, others (such as the desirability of central bank independence) remain valid.

Managing the Sovereign-Bank Nexus

Author : Mr.Giovanni Dell'Ariccia
Publisher : International Monetary Fund
ISBN 13 : 1484359623
Total Pages : 54 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Managing the Sovereign-Bank Nexus by : Mr.Giovanni Dell'Ariccia

Download or read book Managing the Sovereign-Bank Nexus written by Mr.Giovanni Dell'Ariccia and published by International Monetary Fund. This book was released on 2018-09-07 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews empirical and theoretical work on the links between banks and their governments (the bank-sovereign nexus). How significant is this nexus? What do we know about it? To what extent is it a source of concern? What is the role of policy intervention? The paper concludes with a review of recent policy proposals.

Monetary Policy and Macroeconomic Stabilization

Author : Ole Roste
Publisher : Routledge
ISBN 13 : 1351504886
Total Pages : 214 pages
Book Rating : 4.3/5 (515 download)

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Book Synopsis Monetary Policy and Macroeconomic Stabilization by : Ole Roste

Download or read book Monetary Policy and Macroeconomic Stabilization written by Ole Roste and published by Routledge. This book was released on 2017-09-08 with total page 214 pages. Available in PDF, EPUB and Kindle. Book excerpt: As a fundamental review and critique of activist economic policies, this book is a unique contribution to classical political economy. "Monetary Policy and Macroeconomic Stabilization" is about macroeconomic stabilization policy, with emphasis on the value of a distinct national monetary policy to growth. Ole Bjorn Roste's argument is for public officials to restrain themselves in the pursuit of policy. As the author notes: when you know less, you should do less.The history of modern macroeconomics started in 1936 with the publication of Keynes' "General Theory of Employment, Interest, and Money". The problems of the Great depression of the 1930s paved the way for a change of focus, from the long run to economic fluctuations in the short run, and from nominal to real variables, such as unemployment and aggregate output.Keynes offered clear policy implications in tune with the times. Because economic adjustment was slow, waiting for the economy to recover by itself was irresponsible. Particularly fiscal policy was essential to return to high employment. Monetary policy could affect aggregate demand through Interest rates, but was less important. Roste discusses the role of monetary policy, starting out with the implications of the theory of optimum currency areas (OCAs). This is followed by estimates of the output loss associated with disinflation policy (the sacrifice ratio) for six OECD economies. Further, Roste models the dynamic adjustment to negative, local labor-market shocks, with particular relevance to Scandinavia, in a final section.The idea that governments should pursue stabilizing fiscal or monetary policies with regard to real variables is often taken for granted by the public, if not by economists. Among the reasons for skepticism, is the presence of differing views on how economies really work, that the state of a given economy becomes known only after a time lag, and that economic agents react to policy and expectations of policy. For these reasons, the effects of policy are generally uncertain. This book explains why the role of history is critical to the study of macroeconomics.p>

The Euro and the Battle of Ideas

Author : Markus K. Brunnermeier
Publisher : Princeton University Press
ISBN 13 : 1400883334
Total Pages : 457 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis The Euro and the Battle of Ideas by : Markus K. Brunnermeier

Download or read book The Euro and the Battle of Ideas written by Markus K. Brunnermeier and published by Princeton University Press. This book was released on 2016-08-04 with total page 457 pages. Available in PDF, EPUB and Kindle. Book excerpt: How philosophical differences between Eurozone nations led to the Euro crisis—and where to go from here Why is Europe's great monetary endeavor, the Euro, in trouble? A string of economic difficulties in Greece, Ireland, Spain, Italy, and other Eurozone nations has left observers wondering whether the currency union can survive. In this book, Markus Brunnermeier, Harold James, and Jean-Pierre Landau argue that the core problem with the Euro lies in the philosophical differences between the founding countries of the Eurozone, particularly Germany and France. But the authors also show how these seemingly incompatible differences can be reconciled to ensure Europe’s survival. As the authors demonstrate, Germany, a federal state with strong regional governments, saw the Maastricht Treaty, the framework for the Euro, as a set of rules. France, on the other hand, with a more centralized system of government, saw the framework as flexible, to be overseen by governments. The authors discuss how the troubles faced by the Euro have led its member states to focus on national, as opposed to collective, responses, a reaction explained by the resurgence of the battle of economic ideas: rules vs. discretion, liability vs. solidarity, solvency vs. liquidity, austerity vs. stimulus. Weaving together economic analysis and historical reflection, The Euro and the Battle of Ideas provides a forensic investigation and a road map for Europe’s future.

The Economics of Monetary Unions

Author : Juan E. Castañeda
Publisher : Routledge
ISBN 13 : 1000036790
Total Pages : 271 pages
Book Rating : 4.0/5 ( download)

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Book Synopsis The Economics of Monetary Unions by : Juan E. Castañeda

Download or read book The Economics of Monetary Unions written by Juan E. Castañeda and published by Routledge. This book was released on 2020-03-16 with total page 271 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this book, a historical analysis of the precedents of the euro is examined within the context of the current issues affecting the Eurozone and the long-term effects of the institutional changes implemented since 2010. The book begins by placing the Eurozone challenges in the historical context of previous monetary unions, drawing on the experience of the gold standard. It then specifically focuses on the problems arising from the running of permanent trade imbalances within the Eurozone. The authors explore the advantages and disadvantages of being a member of the Eurozone and attempt to measure the optimality of a currency area by the calculation of an index on internal macroeconomic asymmetries. They address the proposals recently made in favour of a fiscal union in the Euro zone; including the economic and political feasibility of fiscal transfers in the Eurozone. The final two papers discuss whether the monetary union is in fact more than just that, and whether it will lead inevitably to some form of political union if it is to survive. With chapters by leading experts from both Europe and the UK, this book will appeal to students in Economics, Finance, Politics, EU integration and European studies; as well as academics and professional economists doing research in EU integration, the Euro zone, monetary history and monetary and banking unions in Europe, the UK and elsewhere.