Ozlem Onaran, Thomas Obst, (2016), “Wage-led growth in the EU15 member-states: the effects of income distribution on growth, investment, trade balance and inflation”, Camb. J. Econ. 2016 This paper estimates a multi-country demand-led growth model for the EU15. A decrease in the share of wages in national income in isolation leads to lower growth in Finland, France, Germany, Greece, Italy, Luxembourg, the Netherlands, Portugal, Spain, Sweden and the United Kingdom, …Read More

Tymoigne, Eric, (2016), “Government monetary and fiscal operations: generalising the endogenous money approach”, Cambidge Journal of Economics, May The traditional endogenous money approach can be generalised substantially by including the insights of Modern Money Theory regarding the necessary coordination of fiscal and monetary policies. A monetarily sovereign government is composed of two entities involved in the issuance and redemption of government monetary instruments. As such, one should include the role …Read More

Jespersen, Jesper, (2016), “The Euro: A Political Failure and an Economic Disaster”, International Journal of Political Economy, 29 April Alain Parguez is right when he claims that the “euro” is a political failure and an economic disaster, in which French politicians and economists seem to have played a significant role. France’s elite envisaged being a dominant political power on the Continent after the two military defeats of Germany in 1918 and 1945. …Read More

Chortareas, Georgios, Mavrodimitrakis, Christos, (2016), “Strategic fiscal policies and leadership in a monetary union”, European Journal of Political Economy, 30 Αpril We consider the strategic interactions between fiscal and monetary policies in a monetary union when a fiscal authority enjoys a strategic advantage. In particular we depart from the standard literature on strategic interactions in monetary unions in that we solve a three-stage game, where the two national fiscal authorities do not play simultaneously. …Read More

Krampf, Arie, (2016),  “From transparency to ambiguity: the impact of the ECB’s unconventional policies on the EMU”, Journal of European Integration, 17 March There is no disagreement that during the crisis the EMU has gone through an institutional change. However, there is no agreement concerning the type of change and its drivers. This article focuses on the impact of the ECB’s unconventional policies on the EMU at large. The article draws on …Read More