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Macroeconomic Imbalances in the EU

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Author Info

  • Stefan Ederer
  • Peter Reschenhofer

Abstract

This paper aims to identify different growth patterns in the EU which led to the emergence of macroeconomic imbalances. It provides a detailed statistical picture of the evolution of various macroeconomic variables on the demand as well as on the supply side, before, in and after the financial and economic crisis of 2008/09. It investigates the causes and discusses various ’channels’ which led to macroeconomic imbalances by means of a descriptive analysis of the key determinants of macroeconomic developments, such as wage and price developments, productivity growth etc. Special emphasis is given to developments of the share of labour in national income, the real interest rate and the real exchange rate. The analysis of this data set provides a comprehensive picture of the underlying causes for the specific growth patterns as well as a first assessment of their role in the development of macroeconomic imbalances within the EU. It derives tentative conclusions as to how macroeconomic imbalances can arise in a monetary union and how they can be addressed properly by economic policy.

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File URL: http://www.foreurope.eu/fileadmin/documents/pdf/Workingpapers/WWWforEurope_WPS_no042_MS71.pdf
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Bibliographic Info

Paper provided by WWWforEurope in its series WWWforEurope Working Papers series with number 42.

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Length: 73
Date of creation: Sep 2013
Date of revision:
Publication status: published
Handle: RePEc:feu:wfewop:y:2013:m:9:d:0:i:42

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Postal: WWWforEurope Project Office Austrian Institute of Economic Research Arsenal Objekt 20 A-1030 Vienna
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Related research

Keywords: EU integration; European economic policy; European governance; European Monetary Union; Macroeconomic disequilibria;

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References

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  1. Lane, Philip R. & Milesi-Ferretti, Gian Maria, 2012. "External adjustment and the global crisis," Journal of International Economics, Elsevier, vol. 88(2), pages 252-265.
  2. Engelbert Stockhammer & Özlem Onaran & Stefan Ederer, 2007. "Functional income distribution and aggregate demand in the Euro-area," Department of Economics Working Papers wuwp102, Vienna University of Economics, Department of Economics.
  3. Karl Aiginger & Olaf Cramme & Stefan Ederer & Roger Liddle & Renaud Thillaye, 2012. "Reconciling the short and the long run: governance reforms to solve the crisis and beyond," WWWforEurope Policy Brief series 1, WWWforEurope.
  4. Stefan Ederer & Stefan Weingärtner, 2013. "Deeper Integration of Economic and Monetary Union," WIFO Monatsberichte (monthly reports), WIFO, vol. 86(6), pages 493-507, June.
  5. Heinz Handler, 2013. "The Eurozone: Piecemeal Approach to an Optimum Currency Area," WIFO Working Papers 446, WIFO.
  6. Eckhard Hein & Lena Vogel, 2008. "Distribution and growth reconsidered: empirical results for six OECD countries," Cambridge Journal of Economics, Oxford University Press, vol. 32(3), pages 479-511, May.
  7. Stefan Ederer, 2010. "Imbalances in the Euro Area," WIFO Monatsberichte (monthly reports), WIFO, vol. 83(7), pages 589-602, July.
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Citations

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Cited by:
  1. Stefan Ederer & Stefan Weingärtner, 2013. "Remapping EMU. On the future Construction of Economic and Monetary Union," WWWforEurope Policy Paper series 5, WWWforEurope.

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