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Macroeconomic Policies of the Economic and Monetary Union: Theorectical Underpinnings and Challenges

  • Philip Arestis

    (The Levy Economics Institute)

  • Malcolm Sawyer

    (Leeds University)

Macroeconomic Policies of the Economic and Monetary Union: Theoretical Underpinnings and Challenges Philip Arestis and Malcolm Sawyer, The Levy Economics Institute and Leeds University Abstract This paper presents two issues: first, an effort to decipher the type of economic analysis and macroeconomic policies of the Economic and Monetary Union (EMU) theoretical and policy framework, which we suggest are essentially of the "new consensus" variety; second, an argument that the challenges to the EMU macroeconomic policies lie in their potential to achieve full employment and low inflation in the euro area. We conclude that the institutional and policy arrangements surrounding the EMU and the euro are neither adequate for dealing with today's problems of unemployment and inflation nor promising for the future. We propose alternative policies, and institutional arrangements.

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Paper provided by EconWPA in its series Macroeconomics with number 0308008.

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Length: 40 pages
Date of creation: 28 Aug 2003
Date of revision:
Handle: RePEc:wpa:wuwpma:0308008
Note: Type of Document - acrobat pdf; prepared on IBM PC; to print on HP/PostScript; pages: 40 ; figures: included
Contact details of provider: Web page: http://econwpa.repec.org

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  1. Nordhaus, William D, 1973. "The Effects of Inflation on the Distribution of Economic Welfare," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 5(1), pages 465-504, Part II F.
  2. Philip Arestis & Malcolm Sawyer, 2006. "The nature and role of monetary policy when money is endogenous," Cambridge Journal of Economics, Oxford University Press, vol. 30(6), pages 847-860, November.
  3. M. Buti & D. Franco & H. Ongena, 1997. "Budgetary Policies during Recessions - Retrospective Application of the "Stability and Growth Pact" to the Post-War Period," European Economy - Economic Papers 121, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
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  5. Atish Ghosh & Steven Phillips, 1998. "Warning: Inflation May Be Harmful to Your Growth," IMF Staff Papers, Palgrave Macmillan, vol. 45(4), pages 672-710, December.
  6. Michael Fertig & Christoph M. Schmidt, 2003. "Mobility within Europe - What Do We (Still Not) Know?," European Economy Group Working Papers 29, European Economy Group.
  7. Kydland, Finn E & Prescott, Edward C, 1977. "Rules Rather Than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy, University of Chicago Press, vol. 85(3), pages 473-91, June.
  8. Andrew Glyn, 2003. "Labor Market Institutions and Unemployment: A Critical Assessment of the Cross-Country Evidence," Economics Series Working Papers 168, University of Oxford, Department of Economics.
  9. Buiter, Willem H. & Corsetti, Giancarlo & Roubini, Nouriel, 1992. "`Excessive Deficits': Sense and Nonsense in the Treaty of Maastricht," CEPR Discussion Papers 750, C.E.P.R. Discussion Papers.
  10. Rogoff, Kenneth, 1985. "The Optimal Degree of Commitment to an Intermediate Monetary Target," The Quarterly Journal of Economics, MIT Press, vol. 100(4), pages 1169-89, November.
  11. Kenneth N. Kuttner & Patricia C. Mosser, 2002. "The monetary transmission mechanism: some answers and further questions," Economic Policy Review, Federal Reserve Bank of New York, issue May, pages 15-26.
  12. Ellen E. Meade & D. Nathan Sheets, 2002. "Regional Influences on U.S. Monetary Policy: Some Implications for Europe," CEP Discussion Papers dp0523, Centre for Economic Performance, LSE.
  13. Willem F. Duisenberg, 1999. "Economic and monetary union in Europe : the challenges ahead," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 185-194.
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