Post-Keynesian alternative policies to curb macroeconomic imbalances in the Euro area | Zendy

Eckhard Hein | Zendy; Daniel Detzer | Zendy

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Post-Keynesian alternative policies to curb macroeconomic imbalances in the Euro area

Author(s) -

Eckhard Hein,

Daniel Detzer

Publication year - 2015

Publication title -

panoeconomicus

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 0.289

H-Index - 14

eISSN - 2217-2386

pISSN - 1452-595X

DOI - 10.2298/pan1502217h

Subject(s) - economics , inflation (cosmology) , macroeconomics , new keynesian economics , divergence (linguistics) , order (exchange) , balance of payments , wage , differential (mechanical device) , keynesian economics , fiscal policy , monetary economics , monetary policy , finance , labour economics , linguistics , philosophy , physics , theoretical physics , engineering , aerospace engineering

In this paper we outline alternative post-Keynesian policy recommendations addressing the problems of differential inflation, divergence in competitiveness and associated current account imbalances within the Euro area. We provide a basic framework in order to systematically address the related issues making use of Anthony P. Thirlwall's (1979, 2002) model of a 'balance-of-payments-constrained growth rate' (BPCGR). Based on this framework, we outline the required stance for alternative economic policies and then we discuss the implications for alternative monetary, wage/incomes and fiscal policies in the Euro area as a whole, as well as the consequences for structural and regional policies in the Euro area periphery, in particular

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