Arbeitspapier
Stagnation policy in the Eurozone and economic policy alternatives: A Steindlian/neo-Kaleckian perspective
Empirically, the macroeconomic institutions and the macroeconomic policy approach in the Eurozone have failed badly, both in terms of preventing the global financial and economic cri-sis from becoming a euro crisis and in generating a rapid recovery from the crisis, in particular. In this paper I will argue that the dominating macroeconomic policy regime in the Eurozone can be seen as a version of what Steindl (1979) had called 'stagnation policy'. To underline this argument, I will provide a simple Steindlian distribution and growth model in order to identi-fy the main channels through which stagnation policy affects accumulation and productivity growth. This will also provide a set of elements of a Steindlian anti-stagnation policy. Against this theoretical background I will then examine the macroeconomic institutions and the macro-economic policy approach of the Eurozone which has been based on the New Consensus Macroeconomics (NCM) and I will highlight its main deficiencies. This will then provide the grounds for an outline of an alternative macroeconomic policy approach for the specific institu-tional setup of the Eurozone based on a post-Keynesian/Steindlian/neo-Kaleckian approach.
- Sprache
-
Englisch
- Erschienen in
-
Series: FMM Working Paper ; No. 5
- Klassifikation
-
Wirtschaft
Institutions and the Macroeconomy
General Aggregative Models: Marxian; Sraffian; Kaleckian
General Aggregative Models: Keynes; Keynesian; Post-Keynesian
Policy Objectives; Policy Designs and Consistency; Policy Coordination
Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
Incomes Policy; Price Policy
Studies of Particular Policy Episodes
Macroeconomic Issues of Monetary Unions
- Thema
-
stagnation
stagnation policy
Eurozone
policy alternatives
Steindl
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Hein, Eckhard
- Ereignis
-
Veröffentlichung
- (wer)
-
Hans-Böckler-Stiftung, Macroeconomic Policy Institute (IMK), Forum for Macroeconomics and Macroeconomic Policies (FMM)
- (wo)
-
Düsseldorf
- (wann)
-
2017
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:41 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Hein, Eckhard
- Hans-Böckler-Stiftung, Macroeconomic Policy Institute (IMK), Forum for Macroeconomics and Macroeconomic Policies (FMM)
Entstanden
- 2017
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