Goal of the text is show that although non-standard monetary policy conducted by major central banks is quite efficient in stabilizing post-crisis economy, there are few important side effects of such policy. One of the most important side effect of superexpansionary monetary policy is creating...

This paper aims to examine the influence of the fiscal and budgetary policy to the labour market and how to determine the movement of filled employment positions from one period to another, the gross job creation, the gross job destruction, the job reallocation and the average job vacancies. The...

In this paper the euro crisis is interpreted as the latest episode in the crisis of finance-dominated capitalism. For 11 initial Euro area countries, the major features of finance-dominated capitalism are analyzed; specifically, the increasing inequality of income distribution and the rising...

This paper presents an alternative presentation of Modern Monetary Theory (MMT). The main thesis of this paper is that when a nation has monetary sovereignty and fiat currency, government is quite flexible its methods in controlling price level through market mechanisms, as Warren Mosler - one...

In this paper we outline alternative policy recommendations addressing the problems of differential inflation, divergence in competitiveness, and associated current account imbalances within the euro area. The major purpose of these alternative policy proposals is to generate sustainably high...

In this paper the euro crisis is interpreted as the latest episode in the crisis of finance-dominated capitalism. For 11 initial Euro area countries, the major features of finance-dominated capitalism are analyzed; specifically, the increasing inequality of income distribution and the rising...

Empirically, the macroeconomic institutions and the macroeconomic policy approach in the Eurozone have failed badly, both in terms of preventing the global financial and economic cri-sis from becoming a euro crisis and in generating a rapid recovery from the crisis, in particular. In this paper...

The goal of this paper is to discuss the joint analyses of fiscal, income and monetary policy in modifying aggregate spending. The paper is focused on the specific characteristics of aggregate demand depending on phases of economic cycle. Through this paper I also intend to emphasize that the...

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...

Die Grundzüge der Wirtschaftspolitik formulieren die Antwort der EU-Regierungen und der Kommission auf die Wachstums- und Beschäftigungsschwierigkeiten in Europa. Obwohl damit seit mehr als zehn Jahren ein wirtschaftspolitisches Konzept für die Europäische Union vorliegt, haben die dort...