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Macroeconomic thought at the European Commission in the 1970s: the first decade of the annual economic reports

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  • I. MAES

    (National Bank of Belgium)

Abstract

The work seeks to better understand how economic thought changes at policy institutions, as compared to academic institutions. The prevalence of academic economics during the 1970s introduced pronounced changes in the Annual Economic Reports of the European Commission. These changes, touted by economic analysts as a naturally complex process, focused primarily on the effect of evolving policy institutions on the economic well-being of the European Commission. One of the most dramatic changes that occurred during the period is the rise of Keynesian economics, which was eventually followed by the dominance of monetarism and supply-side economics.

Suggested Citation

  • I. Maes, 1998. "Macroeconomic thought at the European Commission in the 1970s: the first decade of the annual economic reports," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 51(207), pages 387-412.
    • Handle: RePEc:psl:bnlqrr:1998:42
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    File URL: http://ojs.uniroma1.it/index.php/PSLQuarterlyReview/article/view/10603/10487
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    References listed on IDEAS

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    1. Feldstein, Martin, 1986. "Supply Side Economics: Old Truths and New Claims," American Economic Review, American Economic Association, vol. 76(2), pages 26-30, May.
    2. Lucas, Robert Jr, 1976. "Econometric policy evaluation: A critique," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 1(1), pages 19-46, January.
    3. Pierre Rosanvallon, 1987. "Histoire des idées keynésiennes en France," Revue Française d'Économie, Programme National Persée, vol. 2(4), pages 22-56.
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    Cited by:

    1. Aurélien Goutsmedt & Matthieu Renault, Francesco Sergi, 2019. "European Economics and the Early Years of the “International Seminar on Macroeconomicsâ€," Working Papers, Department of Economics 2019_50, University of São Paulo (FEA-USP).
    2. Aurélien Goutsmedt & Matthieu Renault & Francesco Sergi, 2021. "European Economics and the Early Years of the International Seminar on Macroeconomics," Revue d'économie politique, Dalloz, vol. 131(4), pages 693-722.
    3. Acosta, Juan & Rancan, Antonella & Sergi, Francesco, 2022. "Centralised and Decentralised Approaches to Multi-Country Macroeconometric Modelling at the Commission of the European Communities: The Short-Lived EUROLINK Model," Economics & Statistics Discussion Papers esdp22081, University of Molise, Department of Economics.
    4. Acosta, Juan & Rancan, Antonella & Sergi, Francesco, 2023. "Multi-country modelling at the commission of the European communities: Centralised and decentralised approaches," European Economic Review, Elsevier, vol. 158(C).
    5. Ivo Maes, 2009. "Economic thought at the European Commission and the creation of EMU (1957-1991)," Working Papers - Dipartimento di Economia 2, Dipartimento di Economia, Sapienza University of Rome, revised May 2009.
    6. Plassard, Romain & Renault, Matthieu, 2023. "General equilibrium models with rationing: The making of a ‘European specialty’," European Economic Review, Elsevier, vol. 159(C).
    7. Ivo Maes, 2013. "Tommaso Padoa-Schioppa: Macroeconomic and Monetary Thought, and Policy-making at the European Commission," HISTORY OF ECONOMIC THOUGHT AND POLICY, FrancoAngeli Editore, vol. 2013(2), pages 21-43.
    8. Ivo Maes, 2002. "On the origins of the Franco-German EMU controversies," Working Paper Research 34, National Bank of Belgium.
    9. Carlo D'Ippoliti & Maria Chiara Malaguti & Alessandro Roncaglia, 2020. "LÕUnione Europea e lÕeuro: crescere o perire," Moneta e Credito, Economia civile, vol. 73(291), pages 183-205.

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    Keywords

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    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • F15 - International Economics - - Trade - - - Economic Integration
    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy

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