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

This file is part of IDEAS, which uses RePEc data

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

Author Info

Massimo Cingolani () (European Investment Bank)

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.

Download Info
To download:

If you experience problems downloading a file, check if you have the proper application to view it first. Information about this may be contained in the File-Format links below. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

Publisher Info
Paper provided by Faculty of economics, Department of Economics in its series Working Papers with number 200814.

Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Length: 25 pages
Date of creation: Jan 2008
Date of revision: Mar 2008
Publication status: Published in Panoeconomicus, March 2008, pages 89-114
Handle: RePEc:voj:wpaper:200814

Contact details of provider:
Web page: http://www.panoeconomicus.rs/

For technical questions regarding this item, or to correct its listing, contact: (Ivana Horvat).

Find related papers by JEL classification:
D5 - Microeconomics - - General Equilibrium and Disequilibrium
E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
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

This paper has been announced in the following NEP Reports:

NEP-ALL-2009-01-31 (All new papers)
NEP-CBA-2009-01-31 (Central Banking)
NEP-MAC-2009-01-31 (Macroeconomics)

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

Alain Parguez & Jean-Gabriel Bliek, 2007. "Full Employment: Can It Be a Key Policy Objective for Europe?," International Journal of Political Economy, M.E. Sharpe, Inc., vol. 36(3), pages 24-46, September. [Downloadable!] (restricted)
Robinson, Joan, 1977. "Michal Kalecki on the Economics of Capitalism," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 39(1), pages 7-17, February.
Friedman, Milton, 1970. "A Theoretical Framework for Monetary Analysis," Journal of Political Economy, University of Chicago Press, vol. 78(2), pages 193-238, March-Apr. [Downloadable!] (restricted)
Other versions:
- Milton Friedman, 1971. "A Theoretical Framework for Monetary Analysis," NBER Books, National Bureau of Economic Research, Inc, number frie71-1.
Frank Hahn, 2003. "Macro foundations of micro-economics," Economic Theory, Springer, vol. 21(2), pages 227-232, 03. [Downloadable!] (restricted)
Robinson, Joan, 1975. "The Unimportance of Reswitching," The Quarterly Journal of Economics, MIT Press, vol. 89(1), pages 32-39, February. [Downloadable!] (restricted)
James K. Galbraith, 2006. "Endogenous doctrine, or, why is monetary policy in America so much better than in Europe?," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 28(3), pages 423-432, April. [Downloadable!] (restricted)
Marcello Messori, 2002. "Credit And Money In Schumpeter'S Theory," Departmental Working Papers 169, Tor Vergata University, CEIS. [Downloadable!]
Dalziel, Paul C & Harcourt, Geoffrey C, 1997. "A Note on 'Mr. Meade's Relation' and International Capital Movements," Cambridge Journal of Economics, Oxford University Press, vol. 21(5), pages 621-31, September.
Kirman, Alan, 1989. "The Intrinsic Limits of Modern Economic Theory: The Emperor Has No Clothes," Economic Journal, Royal Economic Society, vol. 99(395), pages 126-39, Supplemen. [Downloadable!] (restricted)
Laurence H. Meyer, 2001. "Does money matter?," Review, Federal Reserve Bank of St. Louis, issue May, pages 1-16. [Downloadable!]
Jean-Paul Fitoussi & Francesco Saraceno, 2004. "The Brussels-Frankfurt-Washington Consensus. Old and New Tradeoffs in Economics," Documents de Travail de l'OFCE 2004-02, Observatoire Francais des Conjonctures Economiques (OFCE). [Downloadable!]
Lucas, Robert Jr., 1972. "Expectations and the neutrality of money," Journal of Economic Theory, Elsevier, vol. 4(2), pages 103-124, April. [Downloadable!] (restricted)
Frank Ackerman, 2002. "Still dead after all these years: interpreting the failure of general equilibrium theory," Journal of Economic Methodology, Taylor and Francis Journals, vol. 9(2), pages 119-139, June. [Downloadable!] (restricted)

Full references

Statistics
Access and download statistics

Did you know? IDEAS is also providing many rankings, for example of authors and institutions.

This page was last updated on 2009-11-22.

This information is provided to you by IDEAS at the Department of Economics, College of Liberal Arts and Sciences, University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics.