A Different View of Germany's Stagnation
AbstractThe authors fundamentally question the claims that institutional sclerosis explains the present economic stagnation in Germany. Instead, they argue that the combined effects of restrictive monetary policies, restrictive and sometimes pro-cyclical fiscal policies, and overly moderate wage policies in Germany since the mid-1990s explain the stagnation. Finally, they recommend more expansive fiscal and monetary policies in the short run, and conditions that allow for real wage growth in Germany based on long-run national productivity growth.
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Bibliographic InfoArticle provided by M.E. Sharpe, Inc. in its journal Challenge.
Volume (Year): 48 (2005)
Issue (Month): 6 (November)
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Web page: http://mesharpe.metapress.com/link.asp?target=journal&id=106043
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- David R. Howell, 2010. "Institutions, Aggregate Demand and Cross-Country Employment Performance: Alternative Theoretical Perspectives and the Evidence," Working Papers wp228, Political Economy Research Institute, University of Massachusetts at Amherst.
- Eckhard Hein & Achim Truger, 2006. "Germany's post-2000 stagnation in the European context - a lesson in macroeconomic mismanagement," IMK Working Paper 03-2006, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
- Eckhard Hein & Achim Truger, 2006. "Fiscal Policy and Macroeconomic Performance in the Euro area - Lessons for the Future," IMK Working Paper 07-2006, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
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