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Title:Macroeconomic co-ordination as an economic policy concept : opportunities and obstacles in the EMU PDF Logo
Authors:Truger, Achim
Hein, Eckhard
Issue Date:2004
Series/Report no.:WSI-Diskussionspapiere 125
Abstract:This paper traces the euro zone?s inadequate macroeconomic performance in recent years back to the predominance of a restrictive macroeconomic policy mix based on a ?new monetarist? approach to economic policy. An approach based on a (post-)Keynesian analysis is presented as a growth and employment-oriented alternative to this restrictive policy mix. Contrary to the strict assignment of macroeconomic goals to the macroeconomic policy actors and their instruments in the ?new monetarist? approach, the alternative requires the coordination of monetary, fiscal and wage policies in order to achieve growth, high employment and price stability. The paper examines the opportunities for and the obstacles to macroeconomic co-ordination given by the institutional framework of the European Monetary Union.
Subjects:Macroeconomic policy co-ordination
European Monetary Union
monetary policy
fiscal policy
wages policy
JEL:E64
E65
E61
E63
Document Type:Working Paper
Appears in Collections:WSI-Diskussionspapiere, Wirtschafts- und Sozialwissenschaftliches Institut, Hans-Böckler-Stiftung

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