Growth and Cohesion in the European Union: The Impact of Macroeconomic Policy
This book is a critical review of current fiscal and monetary policy in Europe and presents results of both empirical research and a discussion of the theoretical framework behind the policy of the ECB and the Stability and Growth Pact.
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An Answer to the Wrong Question
2 Whither Stability Pact? An Assessment of Reform Proposals
3 Alternatives for the Policy Framework of the Euro
4 What Drives ECB Monetary Policy?
5 Interest Rates Debt CounterCyclical Policy and Monetary Sovereignty
Labour Markets and Labour Market Policies
Examining the Benefits
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active actual alternative analysis approach argued average balance benefit budget capital cent central bank changes chapter coefficient compared conclude considered contributions coordination costs countries debt deficit demand discussion economic effects efficiency equal estimates Euro Area Europe European evidence example Figure finance fiscal fiscal policy France Germany groups growth higher impact important income increase inequality inflation interest interest rate investment Italy labour market institutions less lower macroeconomic measure monetary policy NAIRU negative Netherlands Nickell Note observations OECD output gap Pact percentage performance period positive poverty preferences present problem productivity protection ratio reduce reforms relative replacement respect rise role rule shows significant skilled social stability structural studies suggest Table Taylor rule unemployment Union United University variables wage workers