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Full Employment as a Possible Objective for EU Policy II. Review of Some Empirical Aspects

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  • Massimo Cingolani

Abstract

A contribution appeared in the previous issue of Panoeconomicus reviewed the theoretical arguments brought by Alain Parguez and Jean Gabriel Bliek in support of their idea of assigning a full employment objective to European economic policies and their coordination (Bliek and Parguez (2007) and Parguez (2007b)). Without pretending at exhaustiveness, this contribution reviews and partly extends the empirical evidence they presented in support of their argument with reference to selected macroeconomic developments in several countries and different historical periods, in particular for the US, Canada, Japan and the EU. It confirms the descriptive power of the circuit and its relevance for the discussion of alternative economic policies, in particular in the field of employment. Together with the previous article, it shows that the circuit can be used to update economic policy thinking, nourishing also the necessary democratic debate amongst police alternatives. Key words: Unemployment, Capacity utilisation, Circuit, Long-term interest rates, Disequilibrium.JEL: D5, E12, H5, H6, E4.

Suggested Citation

  • Massimo Cingolani, 2008. "Full Employment as a Possible Objective for EU Policy II. Review of Some Empirical Aspects," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 55(2), pages 167-184.
    • Handle: RePEc:voj:journl:v:55:y:2008:i:2:p:167-184:id:245
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    More about this item

    Keywords

    Unemployment; Capacity utilisation; Circuit; Long-term interest rates; Disequilibrium;
    All these keywords.

    JEL classification:

    • D5 - Microeconomics - - General Equilibrium and Disequilibrium
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • H5 - Public Economics - - National Government Expenditures and Related Policies
    • H6 - Public Economics - - National Budget, Deficit, and Debt
    • E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates

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