This lecture addresses three related aspects of monetary and fiscal management in Europe and elsewhere. First, I discuss the implications of economic integration for monetary and fiscal policy, especially the narrow focus on low inflation as the main objective of monetary policy. I argue that...

Demand and Growth Regimes (DGR) and Macroeconomic Policy Regimes (MPR) frameworks have taken prominence within the post-Keynesian literature. However, the majority of studies based on these conceptual frameworks have focused on developed economies. The main contribution of this paper is to...

Over the past 30 years (1990-2019), African economies have experienced remarkable improvements in real macroeconomic conditions, characterized by higher and more stable real per-capita growth rates, and lower and more stable inflation. This paper documents and seeks to explain these changes at...

Demand and growth regimes (DGR) and macroeconomic policy regimes (MPR) frameworks have assumed prominence within the post-Keynesian literature. However, most studies based on these conceptual frameworks have focused on developed economies. The main contribution of this paper is to provide a...

The eurozone sovereign debt crisis, characterized by enormous debt burdens faced by its weakest economies, has also induced a parallel credit crunch and illiquidity concerns for European banks. Bank holdings of sovereign debt issued by peripheral eurozone countries have dropped in value and are...

This paper documents the modes of organization of the budget process in ten CEEC and examines the relationship between these institutional settings and fiscal performance. Using detailed information on the budget institutions in these countries, the national budget processes are classified...

We characterize the Laffer curves for labor taxation and capital income taxation quantitatively for the US, the EU-14 and individual European countries by comparing the balanced growth paths of a neoclassical growth model featuring ”constant Frisch elasticity” (CFE) preferences. We derive...

Der grundsätzlich positiv zu bewertende Ausgleich des gesamtstaatlichen Haushaltes in Deutschland im Jahr 2012 unterlag Sonderfaktoren. Hier ist zum einen die Verringerung des Schuldendienstes durch die historisch niedrige Verzinsung deutscher Staatsschuldtitel zu nennen, zum anderen die...

Realwirtschaftliche Indikatoren deuten daraufhin, dass die Schwächephase der deutschen Konjunktur im Früh-sommer ausläuft. So werden im Baugewerbe die witterungsbedingten Produktionsausfälle aufgeholt, und Aktivi-täten zur Beseitigung der Hochwasserschäden kommen hinzu. Auch der private...

Die günstige konjunkturelle Lage in Deutschland scheint der Wirtschaftspolitik den Blick auf die mittel- bis langfristigen Probleme zu verstellen. Im Bereich der Finanzpolitik liegt der Fokus derzeit auf der Ausweitung von Sozialleistungen. Wachstumsfreundliche Maßnahmen stehen hinten an. Zwar...