Bofinger, Peter, (2016), “German macroeconomics: The long shadow of Walter Eucken”, Voxeu, 7 June
At first sight, it is difficult to explain why the macroeconomic debate and macroeconomic policy in Germany differ considerably from other countries, despite the same academic textbooks and models being used as elsewhere. This column explains how a specific paradigm of macroeconomics, developed by Walter Eucken and diametrically opposed to Keynesian economics, is behind the German formal theoretical apparatus. The success of German macroeconomic policy can be attributed to the openness of the German economy, which allows it to benefit from macroeconomic policies pursued in other major countries.
Relevant Posts
- Braun, Benjamin, (2016), “Schäuble vs Draghi: German losses from ECB policy are real but self-inflicted”, LSE blog, 12 Μay
- Maris, Georgios, Sklias,Pantelis, (2016), “France, Germany and the New Framework for EMU Governance”, Journal of Contemporary European Studies/Volume 24, Issue 1, 2016, Αpril