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Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook x International Economics x clear all

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Building faith in a common currency: can the eurozone get beyond the Common Market logic?

Pascal Petit.

in Cambridge Journal of Economics

January 2012; p ublished online January 2012 .

Journal Article. Subjects: International Relations and International Political Economy; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Public Economics; Macroeconomics and Monetary Economics. 5935 words.

Building faith in a common future, which is at the core of the making of a common currency, has been declining since the turn of the 1980s. The economic neoliberalism that diffused...

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Controls on capital inflows and the transmission of external shocks

Antonio C. David.

in Cambridge Journal of Economics

November 2008; p ublished online May 2008 .

Journal Article. Subjects: Economywide Country Studies; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Economic Development; International Finance. 8139 words.

In this paper we attempt to analyse whether price-based controls on capital inflows are successful in insulating economies against external shocks. We present results from vector...

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The crisis as opportunity? On the role of the Troika in constructing the European consolidation state

Judith Clifton, Daniel Diaz-Fuentes and Ana Lara Gómez.

in Cambridge Journal of Regions, Economy and Society

October 2018; p ublished online October 2018 .

Journal Article. Subjects: Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; International Finance; Public Economics. 11625 words.

Abstract

The 2008 financial crisis has been seen as providing an opportunity for core eurozone members to push neoliberal policies onto the periphery in order...

Does Europe need neoliberal reforms?

M Panić.

in Cambridge Journal of Economics

January 2007; p ublished online December 2006 .

Journal Article. Subjects: International Economics; Microeconomics; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Labour and Demographic Economics; History of Economic Thought; Capitalist Systems; Industrial Organization. 12534 words.

This paper examines the neoliberal claim that the only way to achieve sustainable growth and full employment is to abandon Keynesian macroeconomic management and the welfare state and bring...

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Financialisation and monetary union in Europe: the monetary–structural causes of the euro-area crisis

Sergio Rossi.

in Cambridge Journal of Regions, Economy and Society

November 2013; p ublished online June 2013 .

Journal Article. Subjects: Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Monetary Policy, Central Banking, and the Supply of Money and Credit; International Finance. 9196 words.

The merging of national currencies into a single-currency area is an important factor of financialisation in Europe, as it has disposed of monetary barriers within Euroland, thereby...

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Fiscal Devaluations

Emmanuel Farhi, Gita Gopinath and Oleg Itskhoki.

in The Review of Economic Studies

April 2014; p ublished online November 2013 .

Journal Article. Subjects: Prices, Business Fluctuations, and Cycles; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; International Finance. 18477 words.

We show that even when the exchange rate cannot be devalued, a small set of conventional fiscal instruments can robustly replicate the real allocations attained under a nominal exchange...

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Fiscal shocks and the real exchange rate: evidence from an outpost of textbook open-economy macroeconomics

David Fielding.

in Oxford Economic Papers

April 2014; p ublished online June 2013 .

Journal Article. Subjects: Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Macroeconomic Aspects of International Trade and Finance. 8178 words.

Recent empirical research into the macroeconomic effects of fiscal policy shocks has generated a ‘puzzle’. Both Keynesian and Real Business Cycle models predict that a fiscal expansion will...

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Fossil fuel producers under threat

Frederick van der Ploeg.

in Oxford Review of Economic Policy

January 2016; p ublished online April 2016 .

Journal Article. Subjects: Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Macroeconomic Aspects of International Trade and Finance; Economics; Technological Change; Research and Development; Non-renewable Resources and Conservation; Energy Economics; Environmental Economics. 9448 words.

Oil and gas producers face three threats: prolonged low oil and gas prices, tightening of climate policy and a tough budget on cumulative carbon emissions, and technological innovation...

The four fallacies of contemporary austerity policies: the lost Keynesian legacy

Robert Boyer.

in Cambridge Journal of Economics

January 2012; p ublished online January 2012 .

Journal Article. Subjects: Public Economics; History of Economic Thought (1925 onwards); Economywide Country Studies; Money and Interest Rates; International Finance; National Budget, Deficit, and Debt; General Aggregative Models; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Macroeconomic Aspects of International Trade and Finance. 11726 words.

The contemporary wide-scale austerity measures are likely to fail in most countries. The first fallacy derives from the false diagnosis that the present crisis is the outcome of lax public...

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From global imbalances to global reorganisations

Robert Wade.

in Cambridge Journal of Economics

July 2009; p ublished online July 2009 .

Journal Article. Subjects: International Economics; Microeconomics; Money and Interest Rates; International Relations and International Political Economy; Monetary Policy, Central Banking, and the Supply of Money and Credit; International Finance; International Financial Markets; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook. 13352 words.

The world feels itself to be in transition, but to what is unclear. Will the liberal market model retain its normative primacy once some semblance of normality is restored, or will other...

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Growth in the Shadow of Expropriation

Mark Aguiar and Manuel Amador.

in The Quarterly Journal of Economics

May 2011; p ublished online June 2011 .

Journal Article. Subjects: International Factor Movements and International Business; Economic Growth and Aggregate Productivity; International Finance; Capitalist Systems; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Macroeconomic Aspects of International Trade and Finance. 15695 words.

We propose a tractable variant of the open economy neoclassical growth model that emphasizes political economy and contracting frictions. The political economy frictions involve a...

Inflation targeting monetary and fiscal policies in a two-country stock–flow-consistent model

Matthew Greenwood-Nimmo.

in Cambridge Journal of Economics

July 2014; p ublished online November 2013 .

Journal Article. Subjects: Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Macroeconomic Aspects of International Trade and Finance. 11494 words.

This paper develops a simple two-country stock–flow-consistent model based on that of Godley and Lavoie. In order to motivate the use of stabilisation policies, persistent inflationary...

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International Political Economy and African Economic Development: A Survey of Issues and Research Agenda

John F. E. Ohiorhenuan and Zoë Keeler.

in Journal of African Economies

March 2008; p ublished online March 2008 .

Journal Article. Subjects: Capitalist Systems; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; International Relations and International Political Economy. 29960 words.

The challenges of African Economic development feature prominently on the agenda of the international political economy (IPE). Adopting a political economy prism, this paper examines the...

Internationalization of the renminbi: what it means for the stability and flexibility of the international monetary system

Paul Jenkins and John Zelenbaba.

in Oxford Review of Economic Policy

January 2012; p ublished online September 2012 .

Journal Article. Subjects: Macroeconomic Aspects of International Trade and Finance; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Monetary Policy, Central Banking, and the Supply of Money and Credit; International Finance. 9905 words.

The central question this paper addresses is whether internationalization of the RMB would be sufficient for the international monetary system (IMS) to provide greater stability and...

Interstate risk sharing in Germany: 1970–2006

Ralf Hepp and Jürgen von Hagen.

in Oxford Economic Papers

January 2013; p ublished online March 2012 .

Journal Article. Subjects: Macroeconomic Aspects of International Trade and Finance; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Public Economics. 9399 words.

We study the channels of interstate risk sharing in Germany for the time period 1970 to 2006, estimating the degrees of smoothing of a shock to a state's gross domestic product by factor...

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Is Foreign Aid Fungible? Evidence from the Education and Health Sectors

Nicolas Van de Sijpe.

in The World Bank Economic Review

June 2013; p ublished online October 2012 .

Journal Article. Subjects: Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; International Finance; National Government Expenditures and Related Policies; Development Planning and Policy. 14925 words.

This paper adopts a new approach to the issue of foreign aid fungibility. Unlike most existing empirical studies, I employ panel data that contain information on the specific purposes for...

Is the accumulation of international reserves good for development?

Moritz Cruz and Bernard Walters.

in Cambridge Journal of Economics

September 2008; p ublished online June 2008 .

Journal Article. Subjects: General Aggregative Models; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Macroeconomic Aspects of International Trade and Finance; Economic Development. 9028 words.

International reserves accumulation has been the preferred policy recently adopted by developing economies to achieve financial stability. The aim of this policy is to increase liquidity...

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The liquidation of government debt

Carmen M. Reinhart and M. Belen Sbrancia.

in Economic Policy

April 2015; p ublished online March 2015 .

Journal Article. Subjects: Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Prices, Business Fluctuations, and Cycles; Macroeconomics and Monetary Economics; Growth and Fluctuations; International Finance; National Budget, Deficit, and Debt; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Macroeconomic Aspects of International Trade and Finance. 17204 words.

High public debt often produces the drama of default and restructuring. But debt is also reduced through financial repression (FR), a tax on bondholders and savers via negative or...

Modelling a complex world: improving macro-models

Warwick J McKibbin and Andrew Stoeckel.

in Oxford Review of Economic Policy

January 2018; p ublished online January 2018 .

Journal Article. Subjects: Econometrics and Mathematical Economics; Econometric Modelling; Mathematical Methods; Programming Methods; Mathematical and Simulation Modelling; General Equilibrium and Disequilibrium; Intertemporal Choice and Growth; General Aggregative Models; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Macroeconomic Aspects of International Trade and Finance. 7587 words.

Abstract

Macro models have come under criticism for their ability to understand or predict major economic events such as the global financial crisis and its...

Money, housing and world market: the dialectic of globalised production

Maria N. Ivanova.

in Cambridge Journal of Economics

September 2011; p ublished online February 2011 .

Journal Article. Subjects: Money and Interest Rates; International Relations and International Political Economy; Monetary Policy, Central Banking, and the Supply of Money and Credit; International Finance; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Macroeconomic Aspects of International Trade and Finance. 10060 words.

This article offers an interpretation of the domestic and global dimensions of the US housing, financial and economic crisis in a Marxian framework. My key argument is that the origins of...

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