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Full Employment as a Possible Objective for EU Policy I. A Perspective From the Point of View of The Monetary Circuit

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  • Massimo Cingolani

    ()
    (European Investment Bank)

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    Abstract

    In two recent contributions Alain Parguez and Jean-Gabriel Bliek argued in favour of assigning a full employment objective to European economic policies and their coordination (Bliek and Parguez (2007) and Parguez (2007b)). Their argument is based on the approach of the monetary circuit, whose treatment of full employment is the object of this article. The approach is presented here as emblematic of out of equilibrium models, i.e. models where the equilibrium conditions of pure competition are not fulfilled. A forthcoming contribution will show how the description of economic reality suggested by the circuit can help interpreting recent macroeconomic developments in the US, Canada, Japan and the EU and will discuss some empirical studies confirming its relevance for policy analysis.

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    Bibliographic Info

    Article provided by Savez ekonomista Vojvodine, Novi Sad, Serbia in its journal Panoeconomicus.

    Volume (Year): 55 (2008)
    Issue (Month): 1 (March)
    Pages: 89-114

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    Handle: RePEc:voj:journl:v:55:y:2008:i:1:p:89-114

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    Web page: http://www.panoeconomicus.rs/

    Related research

    Keywords: Unemployment; Capacity Utilisation; Circuit; Disequilibrium; Investment; Savings; Price Equation;

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    1. Seccareccia, M. & Sharpe, A., 1991. "Canada's Competitiveness: Beyond the Budget Deficit," Working Papers, University of Ottawa, Department of Economics 9111e, University of Ottawa, Department of Economics.
    2. Lavoie, Marc, 1999. "The Credit-Led Supply of Deposits and the Demand for Money: Kaldor's Reflux Mechanism as Previously Endorsed by Joan Robinson," Cambridge Journal of Economics, Oxford University Press, Oxford University Press, vol. 23(1), pages 103-13, January.
    3. Paul Davidson, 2005. "Responses to Lavoie, King, and Dow on what Post Keynesianism is and who is a Post Keynesian," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 27(3), pages 393-408, April.
    4. Jean-Paul Fitoussi & Francesco Saraceno, 2004. "The Brussels-Frankfurt-Washington Consensus. Old and New Tradeoffs in Economics," Documents de Travail de l'OFCE, Observatoire Francais des Conjonctures Economiques (OFCE) 2004-02, Observatoire Francais des Conjonctures Economiques (OFCE).
    5. de la Croix,David & Michel,Philippe, 2002. "A Theory of Economic Growth," Cambridge Books, Cambridge University Press, number 9780521001151, 9.
    6. Roger Guesnerie, 2005. "Assessing Rational Expectations 2: "Eductive" Stability in Economics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262072580, December.
    7. Roger Guesnerie, 2001. "Assessing Rational Expectations: Sunspot Multiplicity and Economic Fluctuations," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262072076, December.
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