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Macroeconomic Stabilization In The Emu
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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 198 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>
Book Synopsis Financial Crisis Management and Democracy by : Bettina De Souza Guilherme
Download or read book Financial Crisis Management and Democracy written by Bettina De Souza Guilherme and published by Springer Nature. This book was released on 2020-12-09 with total page 372 pages. Available in PDF, EPUB and Kindle. Book excerpt: This open access book discusses financial crisis management and policy in Europe and Latin America, with a special focus on equity and democracy. Based on a three-year research project by the Jean Monnet Network, this volume takes an interdisciplinary, comparative approach, analyzing both the role and impact of the EU and regional organizations in Latin America on crisis management as well as the consequences of crisis on the process of European integration and on Latin America’s regionalism. The book begins with a theoretical introduction, exploring the effects of the paradigm change on economic policies in Europe and in Latin America and analyzing key systemic aspects of the unsustainability of the present economic system explaining the global crises and their interconnections. The following chapters are divided into sections. The second section explores aspects of regional governance and how the economic and financial crises were managed on a macro level in Europe and Latin America. The third and fourth sections use case studies to drill down to the impact of the crises at the national and regional levels, including the emergence of political polarization and rise in populism in both areas. The last section presents proposals for reform, including the transition from finance capitalism to a sustainable real capitalism in both regions and at the inter-regional level of EU-LAC relations.The volume concludes with an epilogue on financial crises, regionalism, and domestic adjustment by Loukas Tsoukalis, President of the Hellenic Foundation for European and Foreign Policy (ELIAMEP). Written by an international network of academics, practitioners and policy advisors, this volume will be of interest to researchers and students interested in macroeconomics, comparative regionalism, democracy, and financial crisis management as well as politicians, policy advisors, and members of national and regional organizations in the EU and Latin America.
Book Synopsis Fiscal Policy, Stabilization, and Growth by : Guillermo E. Perry
Download or read book Fiscal Policy, Stabilization, and Growth written by Guillermo E. Perry and published by World Bank Publications. This book was released on 2007-10-19 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fiscal policy in Latin America has been guided primarily by short-term liquidity targets whose observance was taken as the main exponent of fiscal prudence, with attention focused almost exclusively on the levels of public debt and the cash deficit. Very little attention was paid to the effects of fiscal policy on growth and on macroeconomic volatility over the cycle. Important issues such as the composition of public expenditures (and its effects on growth), the ability of fiscal policy to stabilize cyclical fluctuations, and the currency composition of public debt were largely neglected. As a result, fiscal policy has often amplified cyclical volatility and dampened growth. 'Fiscal Policy, Stabilization, and Growth' explores the conduct of fiscal policy in Latin America and its consequences for macroeconomic stability and long-term growth. In particular, the book highlights the procyclical and anti-investment biases embedded in the region's fiscal policies, explores their causes and macroeconomic consequences, and asesses their possible solutions.
Book Synopsis Economic Policy in EMU by : Marco Buti
Download or read book Economic Policy in EMU written by Marco Buti and published by Oxford University Press. This book was released on 1998 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: With the advent of the third and final phase of European and Monetary Union (EMU), the debate over European monetary unification is at the top of the political and economic agenda. Much has been written over the past five years about whether EMU is justified given the various expected benefitsand prospective costs, but there has been little detailed material on how EMU will work and what the practical implications of it will be for Europe as a whole. Economic Policy in EMU is a comprehensive look at the mechanisms involved, likely effects on monetary and budgetary policy, and the ways in which monetary union will deal with and affect business cycles and regional differences. It combines rigorous analysis of how the European economy works withan insider view of how this will change after 1999: as such, it is vital reading for all involved in the most important topic facing Europe today.
Book Synopsis Economic Growth and Macroeconomic Stabilization Policies in Post-Keynesian Economics by : Hassan Bougrine
Download or read book Economic Growth and Macroeconomic Stabilization Policies in Post-Keynesian Economics written by Hassan Bougrine and published by Edward Elgar Publishing. This book was released on 2020-07-31 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hassan Bougrine, Louis-Philippe Rochon and the expert contributors to this book explore issues of economic growth and full employment; presenting a clear explanation to stagnation, recessions and crises, including the latest Global Financial Crisis of 2007-8. With a central focus on the role played by government spending, deficits and debt as well as the setting of interest rates, the chapters propose alternative policies that can be used by central banks and fiscal authorities to deal with problems of income inequality, unemployment and slow productivity.
Book Synopsis Macroeconomic Policy in the European Monetary Union by : Francesco Farina
Download or read book Macroeconomic Policy in the European Monetary Union written by Francesco Farina and published by Routledge. This book was released on 2007-11-08 with total page 330 pages. Available in PDF, EPUB and Kindle. Book excerpt: Providing readers with a multi-faceted assessment of the implementation of fiscal policies in the euro zone and their macroeconomic effects five years after the inception of the euro, this book, international in perspective and scope, is the first reliable reference source for discussions in this area for both academics and policy makers.Comprising
Book Synopsis Macroeconomic Stabilization Through Monetary and Fiscal Policy Coordination by : Jay H. Bryson
Download or read book Macroeconomic Stabilization Through Monetary and Fiscal Policy Coordination written by Jay H. Bryson and published by . This book was released on 1993 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The New Economy and Macroeconomic Stability by : Dario Togati
Download or read book The New Economy and Macroeconomic Stability written by Dario Togati and published by Routledge. This book was released on 2013-03-07 with total page 319 pages. Available in PDF, EPUB and Kindle. Book excerpt: The past decade has seen many leading economies, especially the US, undergo profound structural transformations. Departing from the standard theories employed to explain this phenomenon, here author Togati provides the first broad analysis of the New Economy. In this book, the first to look at the new economy from a post-Keynesian / post-modern perspective, he focuses on its macroeconomic implications, presenting a more balanced view than that provided by orthodox neoclassical analysis, and studying the interaction of key variables such as: * information technology * globalization * the increasing significance of intangibles and financial markets. This ground-breaking book utilizes a ‘neo-modern’ perspective drawing on complexity theory to advance the study of the stability and dynamic behaviour of economic systems. Togati utilizes the Calvino labels to identify new empirical evidence, and examines the implications for global stability based on New Classical Macroeconomics and Keynsian theory. The analysis developed in this book has important practical and policy implications for the New Economy, making this book essential reading for students, academics and practitioners in this field.
Book Synopsis The Stability and Growth Pact by : A. Brunila
Download or read book The Stability and Growth Pact written by A. Brunila and published by Springer. This book was released on 2001-09-20 with total page 446 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Stability and Growth Pact (SGP) encompasses the legislative text and political resolutions regulating fiscal policy and public finances in EMU. The contributions in this volume analyse the institutional, legal, theoretical and empirical aspects of the SGP, examine its development and evaluate its main implications. The authors include academic economists, who provide insightful analysis, and policy makers who have contributed to the shaping of the pact and have a direct responsibility for its implementation. This book is the definitive source of reference on the SGP for academics, policy makes and economists.
Author :Jean-Olivier Hairault Publisher :Springer Science & Business Media ISBN 13 :1461561736 Total Pages :355 pages Book Rating :4.4/5 (615 download)
Book Synopsis Business Cycles and Macroeconomic Stability by : Jean-Olivier Hairault
Download or read book Business Cycles and Macroeconomic Stability written by Jean-Olivier Hairault and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 355 pages. Available in PDF, EPUB and Kindle. Book excerpt: Setting the issue "Most economists consider the marked increase in automatic stabilizers a highly favorable development with respect to maintenance of economic stability". Besides the rare privilege of having being signed by both Milton Friedman and Paul Samuelson (Depres,Friedman, Hart, Samuelson, and Wallace [1950]), among others, this sentence expressed as soon as 1950 the consensus view on the stabilizing effect of fiscal rules governing tax revenue and public expendi tures and transfers. This positive ex ante assessment will have been confirmed ex post as part of the explanation for post war stabilization (Burns [1960], de Long and Summers [1986], Moore and Zarnovitz [1986]). However, it becomes disputed in both its positive and normative aspects. Many institutional changes since the eighties point at curbing back the transfer mechanisms underlying automatic stabilizers, and legal restraints on deficits such as the US balanced budget amendment or the European Maastricht criteria would involve serious risks for the future of stabilizers. Under such rules "the government would become, almost inevitally, a destabilizer rather than a stabilizer" said Joseph Stiglitz, quoted by the New York Times (April 1995)). "Built-in stabilizers are automatic fiscal adjustments that reduce the national income multiplier and thus cushion the effects of changes in autonomous spend ing on the level of income" (Pechman [1987]). Early analyses of the automatic fiscal stabilizers include the contributions of A. G. Hart [1945], R. Musgrave and M. Miller (1948) and E. C. Brown (1955).
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.
Book Synopsis The Euro and Economic Stability by : Ewald Nowotny
Download or read book The Euro and Economic Stability written by Ewald Nowotny and published by Edward Elgar Publishing. This book was released on 2010-01-01 with total page 265 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Euro and Economic Stability assesses the euro area's merits as a shelter and the merits of euro assets as a safe haven and reviews the case for rapid euro adoption from a post-crisis view. Policymakers and economists provide relevant lessons from euro area divergences for future euro area members and, more generally, from the financial crisis, while banking representatives discuss post-crisis business models of banks in the area. Last but not least, a theoretical introductory chapter fills the gap between mainstream macroeconomic modelling and real-world decision-making. The prime audience for this invaluable book will be economists and other experts in the fields of economic policy and European integration from central, commercial and investment banks, governments, international organizations, universities and research institutes. The book is also aimed at readers with a particular interest in the contributions' special regional focus: Central, Eastern and South-Eastern Europe.
Book Synopsis Ordoliberalism and European Economic Policy by : Malte Dold
Download or read book Ordoliberalism and European Economic Policy written by Malte Dold and published by Routledge. This book was released on 2019-09-18 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume takes a broad perspective on the recent debate on the role of German ordoliberalism in shaping European economic policy before and after the eurozone crisis. It shows how ordoliberal scholars explain the institutional origins of the eurozone crisis, and presents creative policy proposals for the future of the European economy. Ordoliberal discourse both attempts to offer political solutions to socioeconomic challenges, and to find an ideal market order that fosters individual freedom and social cohesion. This tension between realpolitik and economic utopia reflects the wider debate on how far economic theory shapes, and is shaped by, historical contingencies and institutions. The volume will be of interest to policymakers as well as research scholars, and graduate students from various disciplines ranging from economics to political science, history, and philosophy.
Book Synopsis European Economic Integration by : Miroslav Jovanovic
Download or read book European Economic Integration written by Miroslav Jovanovic and published by Routledge. This book was released on 2002-09-11 with total page 529 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this major new text, Miroslav N.Jovanovic presents an analysis of all the major aspects of economic integration in the European Union. Beginning with an overview of the origins of European integration, he moves on to discuss in detail all the main policy areas. These include: *monetary policy *competition policy *industrial policy *fiscal policy *trade policy *the Common Agricultural Policy *foreign direct investment *regional policy. The volume also includes a discussion of less well-known policy areas, such as social policy, environmental policy and transport policy. Containing an excellent blend of theory and practice and presenting a highly complex issue in an accessible and non-technical way, this text will be an invaluable resource for students of international economics, international business and European studies.
Book Synopsis Economic Policy Coordination in the Euro Area by : Armin Steinbach
Download or read book Economic Policy Coordination in the Euro Area written by Armin Steinbach and published by Routledge. This book was released on 2014-05-09 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: The European debt crisis has given new impetus to the debate on economic policy coordination. In economic literature, the need for coordination has long been denied based on the view that fiscal, wage and monetary policy actors should work independently. However, the high and persistent degree of macroeconomic disparity within the EU and the absence of an optimum currency area has led to new calls for examining policy coordination. This book adopts an institutional perspective, exploring the incentives for policymakers that result from coordination mechanisms in the fields of fiscal, monetary and wage policy. Based on the concept of externalities, the work examines cross-border spillovers (e.g. induced by fiscal policy) and cross-policy spillovers (e.g. between fiscal and monetary policies), illuminating how they have empirically changed over time and how they have been addressed by policymakers. Steinbach introduces a useful classification scheme that distinguishes between vertical and horizontal coordination as well as between cross-border and cross-policy coordination. The author discusses farther-reaching forms of fiscal coordination (e.g. debt limits, insolvency proceedings, Eurobonds) with special attention to how principals of state organization affect their viability. Federal states and Bundesstaaten differ in the incentives they offer for debt accumulation – and thus in their suitability for fiscal coordination. Steinbach finds that the originally strict separation between policy areas has undergone significant change during the debt crisis. Indeed, recent efforts to coordinate policy are no longer limited to one policy area, but now extend to several areas. Steinbach argues that further fiscal policy coordination can be effectively deployed to address policy externalities, but that the coordination mechanisms used must match the form of state organization in the first place. Regarding wage policies, there are significant barriers to coordination. Notwithstanding some empirical successes in the implementation of a productivity-oriented wage policy, the high heterogeneity of national wage-setting institutions is likely to prevent any wage coordination.
Book Synopsis The Routledge Handbook of European Security Law and Policy by : E. Conde
Download or read book The Routledge Handbook of European Security Law and Policy written by E. Conde and published by Routledge. This book was released on 2019-10-11 with total page 429 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Handbook of European Security Law and Policy offers a holistic discussion of the contemporary challenges to the security of the European Union and emphasizes the complexity of dealing with these through legislation and policy. Considering security from a human perspective, the book opens with a general introduction to the key issues in European Security Law and Policy before delving into three main areas. Institutions, policies and mechanisms used by Security, Defence Policy and Internal Affairs form the conceptual framework of the book; at the same time, an extensive analysis of the risks and challenges facing the EU, including threats to human rights and sustainability, as well as the European Union’s legal and political response to these challenges, is provided. This Handbook is essential reading for scholars and students of European law, security law, EU law and interdisciplinary legal and political studies.
Book Synopsis Fiscal Federalism and European Economic Integration by : Mark Baimbridge
Download or read book Fiscal Federalism and European Economic Integration written by Mark Baimbridge and published by Routledge. This book was released on 2005-06-28 with total page 207 pages. Available in PDF, EPUB and Kindle. Book excerpt: The pace of economic integration amongst European Union (EU) member states has accelerated considerably during the past decade, highlighted by the process of Economic and Monetary Union (EMU). Many aspects of the EU's apparatus, however, have failed to evolve in order to meets these new challenges. This book explores the issue of fiscal federalism within the context of EU integration from theoretical, historical, policy and global perspectives. It contrasts the pace of integration amongst EU member states with the failure of financial and administrative apparatus to evolve to encompass fiscal federalism, i.e. the development of a centralised budgetary system. This impressive collection, with contributions from a range of internationally respected authors, shall interest students and researchers involved with European economics and economic integration. Its accessible style will also make it extremely useful to policy-makers and professionals for whom European economic integration is a daily topic of conversation.
