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The Economic and Monetary Union Model: Theoretical Underpinnings of Macroeconomic Policy

In: Economic and Monetary Union Macroeconomic Policies

Author

Listed:
  • Philip Arestis

    (University of Cambridge)

  • Malcolm Sawyer

    (University of Leeds)

Abstract

The Economic and Monetary Union (EMU) has a clear set of monetary and fiscal policies associated with the Stability and Growth Pact (SGP). We argue here that those policies have to be understood by reference to a particular macroeconomic analysis. Specifically, it is argued that the macroeconomic policy framework for fiscal and monetary policy with EMU is embedded in what is now known as the ‘New Consensus Macroeconomics’.1 Any specific macroeconomic analysis puts forward a view of how the economy operates, what are the issues which policy can and should address, and the effectiveness (or otherwise) of particular policies (for development of this argument at a general level see Arestis and Sawyer, 2010a), and the New Consensus Macroeconomics is no exception.

Suggested Citation

  • Philip Arestis & Malcolm Sawyer, 2013. "The Economic and Monetary Union Model: Theoretical Underpinnings of Macroeconomic Policy," Palgrave Macmillan Books, in: Economic and Monetary Union Macroeconomic Policies, chapter 3, pages 43-66, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-31789-6_3
    DOI: 10.1057/9781137317896_3
    as

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