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The macro-economics of repressed stagflation. Part 2: The crisis of 2009+ and a reduction of the working week

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  • Colignatus, Thomas

Abstract

The current macro-economic crisis can be diagnosed as repressed stagflation bursting into the open. The Obama Administration and EU stimulus packages prevent economic collapse but do not tackle stagflation itself yet. Without proper measures, a protracted period of high unemployment or high inflation and continued instability can be expected. Instead, macro-economic theory can come at ease with deflation as a temporary state that is logically implied by the notion of price stability. What is crucial is to keep people in jobs. With proper tax measures the NAIRU is shifted to the proper position. The current situation seems to require a (temporary) reduction of the working week, for some areas even from 5 to 4 days.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 14180.

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Date of creation: 20 Mar 2009
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Handle: RePEc:pra:mprapa:14180

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Related research

Keywords: financial crisis; economic crisis; stagflation; inflation; unemployment; Phillipscurve; taxes; working time reduction;

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  1. Mark G. Guzman, 2003. "Slow but steady progress toward financial deregulation," Southwest Economy, Federal Reserve Bank of Dallas, issue Jan, pages 1, 6-9, 12.
  2. Colignatus, Thomas, 2009. "The Tinbergen & Hueting Approach in the Economics of Ecological Survival," MPRA Paper 13899, University Library of Munich, Germany, revised 09 Mar 2009.
  3. Colignatus, Thomas, 2008. "A note on competing economic theories on the 2007-2008+ financial crisis: The case for (hidden) stagflation," MPRA Paper 10831, University Library of Munich, Germany.
  4. Thomas Cool, 1996. "Differential impact of the minimum wage on exposed and sheltered sectors," General Economics and Teaching 9608001, EconWPA.
  5. Colignatus, Thomas, 2009. "Consumer durables as investments that can help us out of the current economic crisis," MPRA Paper 13382, University Library of Munich, Germany.
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Cited by:
  1. Colignatus, Thomas, 2011. "High Noon at the EU corral. An economic plan for Europe, September 2011," MPRA Paper 33476, University Library of Munich, Germany, revised 19 May 2010.

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