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How to Fight (or Not to Fight) a Slowdown

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  • Eckhard Hein
  • Achim Truger

Abstract

The current global recession, along with the credit crisis, requires that the prevailing economic model be seriously debated and, these economists contend, reformed. The authors criticize the mainstream New Consensus approach in macroeconomics for its reliance on stabilization by means of monetary policies, its ill-designed approach to the role of wages and wage policies, and its complete neglect of fiscal policies. Instead, they argue that for macroeconomic stabilization the whole macroeconomic policy mix of monetary, fiscal, and wage policies, as well as open economy conditions, has to be considered. Based on this view, they analyze macroeconomic performance and macroeconomic policies in France, Germany, Sweden, and the UK between 1996 and 2005. They show that the widely differing success with respect to the degree of recovery after the 2000-2001 slowdown can be explained very plausibly by differences in the macroeconomic policy mix. However, there are important drawbacks in each case.

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Bibliographic Info

Article provided by M.E. Sharpe, Inc. in its journal Challenge.

Volume (Year): 52 (2009)
Issue (Month): 3 (May)
Pages: 52-75

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Handle: RePEc:mes:challe:v:52:y:2009:i:3:p:52-75

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Web page: http://mesharpe.metapress.com/link.asp?target=journal&id=106043

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Cited by:
  1. Alexander Herzog-Stein & Fabian Lindner & Simon Sturn & Till van Treeck, 2010. "Vom Krisenherd zum Wunderwerk?," IMK Report 56-2010, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
  2. Hein, Eckhard, 2012. "Finance-dominated capitalism, re-distribution and the financial and economic crises: A European perspective," IPE Working Papers 14/2012, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
  3. Jorge Uxó & Jesús Paúl & Eladio Febrero, 2011. "Current Account Imbalances in the Monetary Union and the Great Recession: Causes and Policies," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 58(5), pages 571-592, December.
  4. Hein, Eckhard, 2011. "Distribution, ‘Financialisation’ and the Financial and Economic Crisis – Implications for Post-crisis Economic Policies," MPRA Paper 31180, University Library of Munich, Germany.
  5. Eckhard Hein & Achim Truger & Till van Treeck, 2011. "The European Financial and Economic Crisis: Alternative Solutions from a (Post-) Keynesian Perspective," IMK Working Paper 9-2011, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
  6. Hein, Eckhard & Truger, Achim, 2010. "Finance-dominated capitalism in crisis: The case for a Global Keynesian New Deal," IPE Working Papers 06/2010, Berlin School of Economics and Law, Institute for International Political Economy (IPE).

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