IDEAS home Printed from https://ideas.repec.org/a/mes/postke/v43y2020i2p231-266.html
   My bibliography  Save this article

Explaining the Euro crisis: current account imbalances, credit booms and economic policy in different economic paradigms

Author

Listed:
  • Engelbert Stockhammer
  • Collin Constantine
  • Severin Reissl

Abstract

The paper proposes a post-Keynesian analysis of the Eurozone crisis and contrasts interpretations inspired by New Keynesian, New Classical, and Marxist theories. We analyze the role different paradigms attribute to current account imbalances, fiscal policy and monetary policy. Remarkably, opposing views on the relative importance of cost and demand developments in explaining current account imbalances can be found in both heterodox and orthodox economics. Regarding the assessment of fiscal and monetary policy there is a clearer polarization, with heterodox analysis regarding austerity as unhelpful and large parts of orthodox economics endorsing it. We conclude that there is a weak mapping between post-Keynesian, New Classical, New Keynesian and Marxist theories and different economic policy strategies for the Euro area, which we label Keynesian New Deal, European Orthodoxy, Moderate Reform and Progressive Exit respectively.

Suggested Citation

  • Engelbert Stockhammer & Collin Constantine & Severin Reissl, 2020. "Explaining the Euro crisis: current account imbalances, credit booms and economic policy in different economic paradigms," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 43(2), pages 231-266, April.
    • Handle: RePEc:mes:postke:v:43:y:2020:i:2:p:231-266
    DOI: 10.1080/01603477.2020.1734464
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1080/01603477.2020.1734464
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/01603477.2020.1734464?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to look for a different version below or search for a different version of it.

    Other versions of this item:

    References listed on IDEAS

    as
    1. Riccardo Bellofiore, 2005. "The Monetary Aspects of the Capitalist Process in the Marxian System: An Investigation from the Point of View of the Theory of the Monetary Circuit," Palgrave Macmillan Books, in: Fred Moseley (ed.), Marx’s Theory of Money, chapter 8, pages 124-139, Palgrave Macmillan.
    2. Carlin, Wendy & Glyn, Andrew & Van Reenen, John, 2001. "Export Market Performance of OECD Countries: An Empirical Examination of the Role of Cost Competitiveness," Economic Journal, Royal Economic Society, vol. 111(468), pages 128-162, January.
    3. Stefaan Decramer & Catherine Fuss & Jozef Konings, 2016. "How Do Exporters React to Changes in Cost Competitiveness?," The World Economy, Wiley Blackwell, vol. 39(10), pages 1558-1583, October.
    4. Stefano Micossi, 2015. "The Monetary Policy of the European Central Bank (2002-2015)," Bruges European Economic Policy Briefings 35, European Economic Studies Department, College of Europe.
    5. Engelbert Stockhammer, 2011. "Wage norms, capital accumulation, and unemployment: a post-Keynesian view," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 27(2), pages 295-311.
    6. Belke, Ansgar & Dreger, Christian, 2011. "Current account imbalances in the euro area: Catching up or competitiveness?," Discussion Papers 297, European University Viadrina Frankfurt (Oder), Department of Business Administration and Economics.
    7. Shleifer, Andrei & Summers, Lawrence H, 1990. "The Noise Trader Approach to Finance," Journal of Economic Perspectives, American Economic Association, vol. 4(2), pages 19-33, Spring.
    8. Mario Tonveronachi, 2016. "A Critical Assessment Of The Eu Monetary, Fiscal And Financial Regulatory Framework And A Reform Proposal," Working papers wpaper132, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    9. Jesus Felipe & Utsav Kumar, 2014. "Unit labor costs in the eurozone: the competitiveness debate again," Review of Keynesian Economics, Edward Elgar Publishing, vol. 2(4), pages 490-507, October.
    10. Marc Lavoie, 2014. "Post-Keynesian Economics: New Foundations," Post-Print hal-01343652, HAL.
    11. Francesco Giavazzi & Marco Pagano, 1990. "Can Severe Fiscal Contractions Be Expansionary? Tales of Two Small European Countries," NBER Chapters, in: NBER Macroeconomics Annual 1990, Volume 5, pages 75-122, National Bureau of Economic Research, Inc.
    12. Paul de Grauwe, 2013. "Design Failures in the Eurozone: Can they be fixed?," Europe in Question Discussion Paper Series of the London School of Economics (LEQs) 7, London School of Economics / European Institute.
    13. Mongelli, Francesco Paolo, 2002. "ìNew" Views on the Optimum Currency Area Theory: What is EMU Telling US?," Royal Economic Society Annual Conference 2002 140, Royal Economic Society.
    14. Ms. Ruo Chen & Mr. Gian M Milesi-Ferretti & Mr. Thierry Tressel, 2012. "External Imbalances in the Euro Area," IMF Working Papers 2012/236, International Monetary Fund.
    15. Johnston, Alison & Hancké, Bob & Pant, Suman, 2013. "Comparative institutional advantage in the European sovereign debt crisis," LSE Research Online Documents on Economics 53177, London School of Economics and Political Science, LSE Library.
    16. N. Kaldor & J. A. Mirrlees, 1971. "A New Model of Economic Growth," Palgrave Macmillan Books, in: F. H. Hahn (ed.), Readings in the Theory of Growth, chapter 13, pages 165-183, Palgrave Macmillan.
    17. Hein, Eckhard & Truger, Achim, 2002. "European Monetary Union: Nominal convergence, real divergence and slow growth? An investigation into the effects of changing macroeconomic policy institutions associated with monetary union," WSI Working Papers 107, The Institute of Economic and Social Research (WSI), Hans Böckler Foundation.
    18. Costas Lapavitsas, 2011. "Theorizing financialization," Work, Employment & Society, British Sociological Association, vol. 25(4), pages 611-626, December.
    19. Székely, István P. & Turrini, Alessandro & Röger, Werner, 2010. "Banking crises, Output Loss and Fiscal Policy," CEPR Discussion Papers 7815, C.E.P.R. Discussion Papers.
    20. Christopher Martin & Costas Milas, 2012. "Quantitative easing: a sceptical survey," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 28(4), pages 750-764, WINTER.
    21. Engelbert Stockhammer, 2015. "Rising inequality as a cause of the present crisis," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 39(3), pages 935-958.
    22. Skott, Peter, 2005. "Fairness as a source of hysteresis in employment and relative wages," Journal of Economic Behavior & Organization, Elsevier, vol. 57(3), pages 305-331, July.
    23. Olivier J. Blanchard & Daniel Leigh, 2013. "Growth Forecast Errors and Fiscal Multipliers," American Economic Review, American Economic Association, vol. 103(3), pages 117-120, May.
    24. Engelbert Stockhammer, 2008. "Is The Nairu Theory A Monetarist, New Keynesian, Post Keynesian Or A Marxist Theory?," Metroeconomica, Wiley Blackwell, vol. 59(3), pages 479-510, July.
    25. Ingham, Geoffrey, 2004. "The nature of money," economic sociology. perspectives and conversations, Max Planck Institute for the Study of Societies, vol. 5(2), pages 18-28.
    26. Engelbert Stockhammer & Erik Klär, 2011. "Capital accumulation, labour market institutions and unemployment in the medium run," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 35(2), pages 437-457.
    27. Gauti B. Eggertsson & Paul Krugman, 2012. "Debt, Deleveraging, and the Liquidity Trap: A Fisher-Minsky-Koo Approach," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 127(3), pages 1469-1513.
    28. Sinn, Hans-Werner, 2017. "The Euro Trap: On Bursting Bubbles, Budgets, and Beliefs," OUP Catalogue, Oxford University Press, number 9780198791447.
    29. Özlem Onaran, 2010. "Fiscal Crisis in Europe or a Crisis of Distribution?," Working Papers wp226, Political Economy Research Institute, University of Massachusetts at Amherst.
    30. Stockhammer, Engelbert, 2013. "The Euro crisis and contradictions of Neoliberalism in Europe," Economics Discussion Papers 2013-2, School of Economics, Kingston University London.
    31. Arestis, Philip & McCauley, Kevin & Sawyer, Malcolm, 2001. "An Alternative Stability Pact for the European Union," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 25(1), pages 113-130, January.
    32. James Crotty, 2012. "The great austerity war: what caused the US deficit crisis and who should pay to fix it?," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 36(1), pages 79-104.
    33. Jamie Morgan, 2009. "The limits of central bank policy: economic crisis and the challenge of effective solutions," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 33(4), pages 581-608, July.
    34. Kjell Hausken & Mthuli Ncube, 2013. "Quantitative Easing and Its Impact in the US, Japan, the UK and Europe," SpringerBriefs in Economics, Springer, edition 127, number 978-1-4614-9646-5, June.
    35. Engelbert Stockhammer & Walid Qazizada & Sebastian Gechert, 2019. "Demand effects of fiscal policy since 2008," Review of Keynesian Economics, Edward Elgar Publishing, vol. 7(1), pages 57-74, January.
    36. J. Bradford DeLong & Lawrence H. Summers, 2012. "Fiscal Policy in a Depressed Economy," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 44(1 (Spring), pages 233-297.
    37. Mavroudeas, Stavros D., 2015. "The Greek saga: competing explanations of the Greek crisis," Economics Discussion Papers 2015-1, School of Economics, Kingston University London.
    38. Riccardo Realfonzo & Angelantonio Viscione, 2015. "The Real Effects of a Euro Exit: Lessons from the Past," International Journal of Political Economy, Taylor & Francis Journals, vol. 44(3), pages 161-173, July.
    39. Nicolas Véron & Guntram B. Wolff, 2016. "Capital Markets Union: A Vision for the Long Term," Journal of Financial Regulation, Oxford University Press, vol. 2(1), pages 130-153.
    40. Michael G Arghyrou & Georgios Chortareas, 2007. "Real exchange rates and current account imbalances in the Euro-area," Money Macro and Finance (MMF) Research Group Conference 2006 124, Money Macro and Finance Research Group.
    41. Jacques Mazier & Pascal Petit, 2013. "In search of sustainable paths for the eurozone in the troubled post-2008 world," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 37(3), pages 513-532.
    42. Louis-Philippe Rochon & Sergio Rossi, 2006. "Inflation targeting, economic performance, and income distribution: a monetary macroeconomics analysis," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 28(4), pages 615-638.
    43. Thomas I. Palley, 2013. "Europe´s crisis without end: The consequences of neoliberalism run amok," IMK Working Paper 111-2013, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    44. Moritz Schularick & Alan M. Taylor, 2012. "Credit Booms Gone Bust: Monetary Policy, Leverage Cycles, and Financial Crises, 1870-2008," American Economic Review, American Economic Association, vol. 102(2), pages 1029-1061, April.
    45. Mr. Helge Berger & Volker Nitsch, 2010. "The Euro’s Effecton Trade Imbalances," IMF Working Papers 2010/226, International Monetary Fund.
    46. James Crotty, 2009. "Structural causes of the global financial crisis: a critical assessment of the 'new financial architecture'," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 33(4), pages 563-580, July.
    47. Alberto Botta, 2014. "Structural Asymmetries at the Roots of the Eurozone Crisis: What’s New for Industrial Policy in the EU?," Economics Working Paper Archive wp_794, Levy Economics Institute.
    48. Engelbert Stockhammer, 2016. "Neoliberal growth models, monetary union and the Euro crisis. A post-Keynesian perspective," New Political Economy, Taylor & Francis Journals, vol. 21(4), pages 365-379, July.
    49. Agnès Bénassy-Quéré, 2015. "Maastricht flaws and remedies," Post-Print hal-01299073, HAL.
    50. Nickell, Stephen, 1998. "Unemployment: Questions and Some Answers," Economic Journal, Royal Economic Society, vol. 108(448), pages 802-816, May.
    51. Alberto Alesina & Guido Tabellini, 1990. "A Positive Theory of Fiscal Deficits and Government Debt," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 57(3), pages 403-414.
    52. Thomas Palley, 2004. "Asset-based reserve requirements: reasserting domestic monetary control in an era of financial innovation and instability," Review of Political Economy, Taylor & Francis Journals, vol. 16(1), pages 43-58.
    53. Brett W. Fawley & Christopher J. Neely, 2013. "Four stories of quantitative easing," Review, Federal Reserve Bank of St. Louis, issue Jan, pages 51-88.
    54. Ms. Florence Jaumotte & Piyaporn Sodsriwiboon, 2010. "Current Account Imbalances in the Southern Euro Area," IMF Working Papers 2010/139, International Monetary Fund.
    55. Jorg Bibow, 2016. "From Antigrowth Bias to Quantitative Easing: The ECB's Belated Conversion?," Economics Working Paper Archive wp_868, Levy Economics Institute.
    56. Engelbert Stockhammer & Özlem Onaran, 2012. "Rethinking wage policy in the face of the Euro crisis. Implications of the wage-led demand regime," International Review of Applied Economics, Taylor & Francis Journals, vol. 26(2), pages 191-203, September.
    57. Michael Joyce & David Miles & Andrew Scott & Dimitri Vayanos, 2012. "Quantitative Easing and Unconventional Monetary Policy – an Introduction," Economic Journal, Royal Economic Society, vol. 122(564), pages 271-288, November.
    58. Sanchez , Jose Luis Diaz & Varoudakis, Aristomene, 2013. "Growth and competitiveness as factors of Eurozone external imbalances : evidence and policy implications," Policy Research Working Paper Series 6732, The World Bank.
    59. Hans-Werner Sinn, 2011. "Target-Salden, Außenhandel und Geldschöpfung," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 64(09), pages 23-25, May.
    60. Robert Boyer, 2012. "The four fallacies of contemporary austerity policies: the lost Keynesian legacy," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 36(1), pages 283-312.
    61. Marc Lavoie, 2009. "Taming the New Consensus: Hysteresis and Some Other Post Keynesian Amendments," Palgrave Macmillan Books, in: Giuseppe Fontana & Mark Setterfield (ed.), Macroeconomic Theory and Macroeconomic Pedagogy, chapter 10, pages 191-213, Palgrave Macmillan.
    62. Paul De Grauwe, 2010. "The Financial Crisis and the Future of the Eurozone," Bruges European Economic Policy Briefings 21, European Economic Studies Department, College of Europe.
    63. Martinez, Joseba & Philippon, Thomas & Sihvonen, Markus, 2022. "Does a currency union need a capital market union?," Journal of International Economics, Elsevier, vol. 139(C).
    64. Ms. Selma Mahfouz & Mr. Richard Hemming & Mr. Michael Kell, 2002. "The Effectiveness of Fiscal Policy in Stimulating Economic Activity: A Review of the Literature," IMF Working Papers 2002/208, International Monetary Fund.
    65. Özlem Onaran & Giorgos Galanis, 2014. "Income Distribution and Growth: A Global Model," Environment and Planning A, , vol. 46(10), pages 2489-2513, October.
    66. Paul De Grauwe, 2013. "The European Central Bank as Lender of Last Resort in the Government Bond Markets," CESifo Economic Studies, CESifo Group, vol. 59(3), pages 520-535, September.
    67. Eckhard Hein, 2013. "The crisis of finance-dominated capitalism in the euro area, deficiencies in the economic policy architecture, and deflationary stagnation policies," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 36(2), pages 325-354.
    68. Andrew Watt, 2015. "Quantitative easing with bite: a proposal for conditional overt monetary financing of public investment," IMK Working Paper 148-2015, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    69. Alberto Botta, 2014. "Structural asymmetries at the roots of the eurozone crisis: what's new for industrial policy in the EU?," PSL Quarterly Review, Economia civile, vol. 67(269), pages 169-216.
    70. Lyonnet, Victor & Werner, Richard, 2012. "Lessons from the Bank of England on ‘quantitative easing’ and other ‘unconventional’ monetary policies," International Review of Financial Analysis, Elsevier, vol. 25(C), pages 94-105.
    71. Stephan Danninger & Fred Joutz, 2008. "What Explains Germany's Rebounding Export Market Share?," CESifo Economic Studies, CESifo Group, vol. 54(4), pages 681-714, December.
    72. Cukierman, Alex, 2013. "Monetary policy and institutions before, during, and after the global financial crisis," Journal of Financial Stability, Elsevier, vol. 9(3), pages 373-384.
    73. Michael Woodford, 2009. "Convergence in Macroeconomics: Elements of the New Synthesis," American Economic Journal: Macroeconomics, American Economic Association, vol. 1(1), pages 267-279, January.
    74. Thomas I. Palley, 2013. "Europe's Crisis without End: The Consequences of Neoliberalism," Contributions to Political Economy, Cambridge Political Economy Society, vol. 32(1), pages 29-50.
    75. W. Qazizada & E. Stockhammer, 2015. "Government spending multipliers in contraction and expansion," International Review of Applied Economics, Taylor & Francis Journals, vol. 29(2), pages 238-258, March.
    76. Grégory Claeys & Alvaro Leandro & Allison Mandra, 2015. "European Central Bank quantitative easing- the detailed manual," Policy Contributions 872, Bruegel.
    77. Goodhart, Charles A. E., 1998. "The two concepts of money: implications for the analysis of optimal currency areas," European Journal of Political Economy, Elsevier, vol. 14(3), pages 407-432, August.
    78. Lowell R. Ricketts, 2011. "Quantitative easing explained," Liber8 Economic Information Newsletter, Federal Reserve Bank of St. Louis, issue April.
    79. Jorg Bibow, 2010. "A Post Keynesian Perspective on the Rise of Central Bank Independence: A Dubious Success Story in Monetary Economics," Economics Working Paper Archive wp_625, Levy Economics Institute.
    80. Giuseppe Fontana, 2009. "Whither New Consensus Macroeconomics? The Role of Government and Fiscal Policy in Modern Macroeconomics," Economics Working Paper Archive wp_563, Levy Economics Institute.
    81. McLeay, Michael & Radia, Amar & Thomas, Ryland, 2014. "Money creation in the modern economy," Bank of England Quarterly Bulletin, Bank of England, vol. 54(1), pages 14-27.
    82. Alberto Botta & Daniele Tori, 2015. "A critique to the expansionary austerity: Theoretical weaknesses and empirical counter evidence," Working Papers PKWP1511, Post Keynesian Economics Society (PKES).
    83. Riccardo Bellofiore & Francesco Garibaldo & Mariana Mortagua, 2015. "A credit-money and structural perspective on the European crisis: why exiting the euro is the answer to the wrong question," Review of Keynesian Economics, Edward Elgar Publishing, vol. 3(4), pages 471—490-4, October.
    84. Alison Johnston & Bob Hancké & Suman Pant, 2013. "Comparative Institutional Advantage in the European Sovereign Debt Crisis," LEQS – LSE 'Europe in Question' Discussion Paper Series 66, European Institute, LSE.
    85. Giuseppe Fontana & Mark Setterfield (ed.), 2009. "Macroeconomic Theory and Macroeconomic Pedagogy," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-29166-9.
    86. Alain Parguez, 1999. "The Expected Failure of the European Economic and Monetary Union: A False Money against the Real Economy," Eastern Economic Journal, Eastern Economic Association, vol. 25(1), pages 63-76, Winter.
    87. Pistor, Katharina, 2013. "A legal theory of finance," Journal of Comparative Economics, Elsevier, vol. 41(2), pages 315-330.
    88. Antonio Fat·s & Ilian Mihov, 2003. "On Constraining Fiscal Policy Discretion in EMU," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 19(1), pages 112-131.
    89. Scott T. Fullwiler, 2013. "An endogenous money perspective on the post-crisis monetary policy debate," Review of Keynesian Economics, Edward Elgar Publishing, vol. 1(2), pages 171-194, January.
    90. J. Bradford DeLong & Lawrence H. Summers, 2012. "Fiscal Policy in a Depressed Economy," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 43(1 (Spring), pages 233-297.
    91. Stockhammer, Engelbert & Constantine, Collin & Reissl, Severin, 2016. "Neoliberalism, trade imbalances and economic policy in the Eurozone crisis," Economics Discussion Papers 2016-3, School of Economics, Kingston University London.
    92. J. E. King, 2002. "A History of Post Keynesian Economics since 1936," Books, Edward Elgar Publishing, number 2135.
    93. Micossi, Stefano, 2015. "The Monetary Policy of the European Central Bank (2002-2015)," CEPS Papers 10610, Centre for European Policy Studies.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Hasan Dinçer & Serhat Yüksel & Seçil Şenel, 2018. "Analyzing the Global Risks for the Financial Crisis after the Great Depression Using Comparative Hybrid Hesitant Fuzzy Decision-Making Models: Policy Recommendations for Sustainable Economic Growth," Sustainability, MDPI, vol. 10(9), pages 1-15, September.
    2. Uxó González, Jorge & Álvarez, Ignacio & Febrero, Eladio, 2017. "Fiscal space on the eurozone periphery: The case of Spain," IPE Working Papers 84/2017, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    3. John Marangos, 2023. "The Post-Keynesian Perspective and Policy Recommendations for the Greek Financial Crisis," Review of Radical Political Economics, Union for Radical Political Economics, vol. 55(3), pages 423-447, September.
    4. Engelbert Stockhammer & Syed Mohib Ali, 2018. "Varieties of Capitalism and post-Keynesian economics on Euro crisis," Wirtschaft und Gesellschaft - WuG, Kammer für Arbeiter und Angestellte für Wien, Abteilung Wirtschaftswissenschaft und Statistik, vol. 44(3), pages 349-370.
    5. Alessandro Caiani & Ermanno Catullo & Mauro Gallegati, 2018. "The effects of fiscal targets in a monetary union: a multi-country agent-based stock flow consistent model," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 27(6), pages 1123-1154.
    6. repec:aly:journl:201834 is not listed on IDEAS
    7. Caiani, Alessandro & Catullo, Ermanno & Gallegati, Mauro, 2019. "The effects of alternative wage regimes in a monetary union: A multi-country agent based-stock flow consistent model," Journal of Economic Behavior & Organization, Elsevier, vol. 162(C), pages 389-416.
    8. Valeria Cirillo & Marcella Corsi & Carlo D’Ippoliti & Lucio Gobbi, 2024. "Asymmetric effects of macro policies on women’s and men’s incomes. An empirical investigation of the eurozone crisis in a gender perspective," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 41(2), pages 327-359, July.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Engelbert Stockhammer & Collin Constantine & Severin Reissl, 2015. "Neoliberalism, trade imbalances, and economic policy in the Eurozone crisis [Neoliberalism, trade imbalances, and economic policy in the Eurozone crisis]," Nova Economia, Economics Department, Universidade Federal de Minas Gerais (Brazil), vol. 25(spe), pages 749-775, December.
    2. Stockhammer, Engelbert & Constantine, Collin & Reissl, Severin, 2016. "Neoliberalism, trade imbalances and economic policy in the Eurozone crisis," Economics Discussion Papers 2016-3, School of Economics, Kingston University London.
    3. Nishi, Hiroshi & Stockhammer, Engelbert, 2020. "Distribution shocks in a Kaleckian model with hysteresis and monetary policy," Economic Modelling, Elsevier, vol. 90(C), pages 465-479.
    4. Engelbert Stockhammer & Alexander Guschanski & Karsten Köhler, 2014. "Unemployment, capital accumulation and labour market institutions in the Great Recession," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 11(2), pages 182-194, September.
    5. Eckhard Hein, 2017. "Post-Keynesian macroeconomics since the mid 1990s: main developments," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 14(2), pages 131-172, September.
    6. W. Qazizada & E. Stockhammer, 2015. "Government spending multipliers in contraction and expansion," International Review of Applied Economics, Taylor & Francis Journals, vol. 29(2), pages 238-258, March.
    7. Eckhard Hein & Daniel Detzer, 2014. "Coping with Imbalances in the Euro Area: Policy Alternatives Addressing Divergences and Disparities between Member Countries," Economics Working Paper Archive wp_816, Levy Economics Institute.
    8. Botta, Alberto & Tippet, Ben, 2020. "The roots of a divided eurozone: rigid labour markets or asymmetric technology-macroeconomic regimes?," Greenwich Papers in Political Economy 30958, University of Greenwich, Greenwich Political Economy Research Centre.
    9. Engelbert Stockhammer & Dimitris P. Sotiropoulos, 2014. "Rebalancing the Euro Area: The Costs of Internal Devaluation," Review of Political Economy, Taylor & Francis Journals, vol. 26(2), pages 210-233, April.
    10. Storm, Servaas & Naastepad, C.W.M., 2015. "Crisis and recovery in the German economy: The real lessons," Structural Change and Economic Dynamics, Elsevier, vol. 32(C), pages 11-24.
    11. Philipp Heimberger, 2017. "Did fiscal consolidation cause the double-dip recession in the euro area?," Review of Keynesian Economics, Edward Elgar Publishing, vol. 5(3), pages 439-458, July.
    12. Engelbert Stockhammer & Syed Mohib Ali, 2018. "Varieties of Capitalism and post-Keynesian economics on Euro crisis," Wirtschaft und Gesellschaft - WuG, Kammer für Arbeiter und Angestellte für Wien, Abteilung Wirtschaftswissenschaft und Statistik, vol. 44(3), pages 349-370.
    13. Sarah Godar & Christoph Paetz & Achim Truger, 2015. "The scope for progressive tax reform in the OECD countries. A macroeconomic perspective with a case study for Germany," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(5), pages 79-117.
    14. Giovanni Covi, 2020. "Euro area growth differentials: diverging and reinforcing factors in a Kaleckian SVAR approach," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 47(1), pages 147-180, February.
    15. Thomas Goda, 2017. "A comparative review of the role of income inequality in economic crisis theories and its contribution to the financial crisis of 2007-2009," Revista Finanzas y Politica Economica, Universidad Católica de Colombia, vol. 9(1), pages 151-174, February.
    16. Hiroshi Nishi & Engelbert Stockhammer, 2020. "Cyclical dynamics in a Kaleckian model with demand and distribution regimes and endogenous natural output," Metroeconomica, Wiley Blackwell, vol. 71(1), pages 256-288, February.
    17. Roumeen Islam, 2017. "Growth after Crisis in Europe: An Interdependence of Macroeconomic and Structural Policies," Cyprus Economic Policy Review, University of Cyprus, Economics Research Centre, vol. 11(2), pages 19-62, December.
    18. Eckhard Hein & Daniel Detzer, 2015. "Post-Keynesian Alternative Policies to Curb Macroeconomic Imbalances in the Euro Area," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 62(2), pages 217-236, June.
    19. Paternesi Meloni, Walter, 2016. "Austerity and competitiveness in the Eurozone: a misleading linkage," MPRA Paper 75962, University Library of Munich, Germany.
    20. Terzi, Alessio, 2020. "Macroeconomic adjustment in the euro area," European Economic Review, Elsevier, vol. 128(C).

    More about this item

    JEL classification:

    • B00 - Schools of Economic Thought and Methodology - - General - - - History of Economic Thought, Methodology, and Heterodox Approaches
    • E00 - Macroeconomics and Monetary Economics - - General - - - General
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
    • F53 - International Economics - - International Relations, National Security, and International Political Economy - - - International Agreements and Observance; International Organizations
    • G01 - Financial Economics - - General - - - Financial Crises

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:mes:postke:v:43:y:2020:i:2:p:231-266. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/MPKE20 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.