Advertisement

Crisis Policy

Seventh Dialogue
  • Mario Morroni
Chapter

Abstract

What recipe would you suggest to reduce unemployment, which is still high in some advanced countries?

References

  1. Alesina, A., & Ardagna, S. (2010). Large change in fiscal policy: Taxes versus spending. In J. R. Brown (Ed.), Tax policy and the economy. Chicago: University of Chicago Press.Google Scholar
  2. Amato, M., Fantacci, L., Papadimitriou, D. B., & Zezza, G. (2016). Going Forward from B to A? Proposals for the Eurozone crisis. Levy Economics Institute of Bard College. Working Paper, no. 866, May. www.levyinstitute.org/pubs/wp_866.pdf. Accessed Sept 2017.
  3. Anderson, D., Hunt, R., & Snudden, S. (2012). Fiscal consolidation in the Euro Area: How much can structural reforms ease the pain? International Monetary Fund. IMF Working papers, 13/211. http://www.imf.org/external/pubs/ft/wp/2013/wp13211.pdf. Accessed Sept 2015.
  4. Baker, D., Glyn, A., Howell, D., & Schmitt, J. (2004). Unemployment and labour market institutions: The failure of the empirical case for deregulation. ILO Working Paper, no. 43.Google Scholar
  5. Barkbu, B., Rahman, J., Valdés, R. and the staff team (2012). Fostering growth in Europe now. International Monetary Fund. IMF Staff Discussion Note. June, SDN 12/07. https://www.imf.org/external/pubs/ft/sdn/2012/sdn1207.pdf. Accessed Aug 2012.
  6. Batini, N., Callegari, G., & Melina, G. (2012). Successful austerity in the United States, Europe and Japan. International Monetary Fund. IMF Working Paper, no. 12/190. https://www.imf.org/external/pubs/ft/wp/2012/wp12190.pdf. Accessed May 2015.
  7. Bertocco, G. (2015). La crisi e le responsabilità degli economisti. Milan: Francesco Brioschi Editore. English edition: Bertocco, G. (2017). Crisis and the failure of economic theory. The responsibility of economists for the great recession. Cheltenham: E. Elgar.Google Scholar
  8. Blyth, M. (2013). Austerity. The history of dangerous idea. Oxford: Oxford University Press. Repr. 2015.Google Scholar
  9. Blyth, M. (2016). Policies to overcome stagnation: the crisis, and the possible futures, of all things euro. European Journal of Economics and Economic Policies: Intervention, 13(2), 215–228.Google Scholar
  10. Boitani, A. (2014, September 15). Contemporary Keynes. Eutopia. http://eutopiamagazine.eu/en/andrea-boitani/speakers-corner/contemporary-keynes. Accessed Sept 2014.
  11. Boitani, A., & Perdichizzi, S. (2018). Public expenditure multipliers in recessions. Evidence from the Eurzone. Department of Economics and Finance, Catholic University of Sacred Heart, Milan. Working paper, no. 68. http://dipartimenti.unicatt.it/economia-finanza-working-papers-del-dipartimento-n-68-public-expenditure-multipliers-in-recessions-evidence-from. Accessed June 2018.
  12. Bossone, B., Cattaneo, M., Costa, M., & Sylos Labini, S. (2017, June 17). Moneta Fiscale: il punto della situazione. MicroMega. http://temi.repubblica.it/micromega-online/moneta-fiscale-il-punto-della-situazione. Accessed July 2017.
  13. Bouis, R., Causa, O., Demmou, L., Duval, R., & Zdzienicka, A. (2012). The short-term effect of structural reforms: An Empirical Analysis. OECD Economics Department Working Papers, no. 949, March. OECD Publishing, Paris. http://dx.doi.org/10.1787/5k9csvk4d56d-en. Accessed June 2012.
  14. Bright, I., & Janssen, S. (2017, January 13). Helicopter money: Loved, not spent. Vox, CEPR’s Policy Portal. http://voxeu.org/article/helicopter-money-loved-not-spent. Accessed Feb 2017.
  15. Clarke, P. (2009). Keynes. The twentieth century’s most influential economist. London: Bloomsbury. Repr. 2010.Google Scholar
  16. Cochrane, J. H. (2009, February 27). Fiscal stimulus, fiscal inflation, or fiscal fallacies? University of Chicago Booth School of Business. https://faculty.chicagobooth.edu/john.cochrane/ research/papers/fiscal2.htm. Accessed Nov 2017.
  17. Coenen, G., Straub, R., & Trabandt, M. (2012). Gauging the effects of fiscal stimulus packages in the euro Area. European Central Bank Working Paper Series, no. 1483, October. https://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1483.pdf?76a5d25d7da74bff801712c488d56079. Accessed Dec 2012.
  18. De Grauwe, P., & Ji, Y. (2015, January 15). Quantitative easing in the Eurozone: It’s possible without fiscal transfers. Vox, CEPR’s Policy Portal. https://voxeu.org/article/quantitative-easing-eurozone-its-possible-without-fiscal-transfers. Accessed Jan 2015.
  19. Delpla, J., & Weizsäcker von, J. (2011). Eurobonds: The blue bond concept and its implications. Bruegel. http://bruegel.org/2011/03/eurobonds-the-blue-bond-concept-and-its-implications. Accessed Dec 2011.
  20. Draghi, M. (2014). Unemployment in the euro area. European Central Bank. Annual central bank symposium in Jackson Hole, 22 August. https://www.ecb.europa.eu/press/key/date/2014/html/sp140822.en.html. Accessed Sept 2014.
  21. Draghi, M. (2016). Addressing the causes of low interest rates. Annual Meeting of the Asian Development Bank, Frankfurt, 2 May. ttps://www.ecb.europa.eu/press/key/date/2016/html/sp160502.en.html. Accessed May 2016.
  22. The Economist. (2012, September 22). The reform club.Google Scholar
  23. The Economist. (2014, November 29). The European Commission’s investment plan. Fiddling while Europe burns. Jean-Claude Juncker’s investment package is laughably inadequate.Google Scholar
  24. The Economist. (2015, January 3). Coming soon? The ECB might unleash its long-awaited programme in early 2005.Google Scholar
  25. The Economist. (2016, January 23). All at sea. Ideological divisions in economics undermine its value to the public.Google Scholar
  26. The Economist. (2017, August 12). Overcapacity and undercapacity. Say’s law: supply creates its own demand.Google Scholar
  27. The Economist. (2017, November 18). The grow-nothings. There are better motivations for tax reform than boosting growth.Google Scholar
  28. Eggertsson, G. B., Mehrotra, N. R., & Summers, L. H. (2016). Secular stagnation in the open economy. Working Paper no. 22172. National Bureau of Economic Research. http://www.nber.org/papers/w22172. Accessed May 2016.
  29. Galbraith, J. K. (2004). The economics of innocent fraud: Truth for our time. London and New York: Allen Lane-Penguin.Google Scholar
  30. Gali, J. (2014, October 3). Thinking the unthinkable: The effects of a money-financed fiscal stimulus. Vox, CEPR’s Policy Portal. https://www.google.it/search?q=Gali+2014+Thinking+the+unthinkable+Vox&ie=utf-8&oe=utf-8&gws_rd=cr&ei=fTUzVpbrNMXhPen3neAN. Accessed Feb 2015.
  31. Giacché, V. (2017, July 19). The real cause of the Italian bank bailouts and euro banking troubles. Institute for New Economic Thinking. https://www.ineteconomics.org/perspectives/blog/the-real-cause-of-the-italian-bank-bailouts-and-euro-banking-troubles. Accessed Aug 2017.
  32. Herzog-Stein, A., Lindner, F., & Zwiener, R. (2013). Is the supply side all that counts? IMK Report 87e. Macroeconomic Policy Institute: Hans-Böckler Stiftung.Google Scholar
  33. Kalecki, M. (1943). Political aspects of full employment. The Political Quarterly, 14(4), 322–330. Repr. In Kalecki, M. (1971). Selected M. Kalecki, essays on the dynamics of the capitalist economy 1933–1970. Cambridge: Cambridge University Press.Google Scholar
  34. Kaletsky, A. (2017, July 19). A ‘macroeconomic’ revolution? Project Syndicate. https://www.project-syndicate.org/commentary/replacement-market-fundamentalism-by-anatole-kaletsky-2017-07?barrier=accessreg. Accessed July 2017.
  35. Keynes, J. M. (1923). A tract on monetary reform, collected writings of John Maynard Keynes (Vol. iv, p. 1971). London: Macmillan.Google Scholar
  36. Keynes, J. M. (1937, January 12–14). How to avoid a slump. The Times. Repr. In Keynes J. M. (1982), Activities 1931-1939. World crisis and policies in Britain and America, collected writings of John Maynard Keynes, vol. xxi. London: Macmillan.Google Scholar
  37. Kirman, A. P., Bassett, D., & Claveau, F. (2016, October 16). Distinguished economist says economics has gone down a blind alley. Traditional economics is mathematically sophisticated without representing the fundamental features of the macro-economy. Evonomics.com. http://evonomics.com/macroeconomics-alan-kirman-blind-alley. Accessed Nov 2016.
  38. Kleinknecht, A., van Schaik, F. N., & Zhou, H. (2014). Is flexible labour good for innovation? Evidence from firm-level data. Cambridge Journal of Economics, 38(5), 1207–1219.CrossRefGoogle Scholar
  39. Kleinknecht, A., Kwee, Z., & Budyanto, L. (2015). Rigidities through flexibility: Flexible labour and the rise of management bureaucracies. Cambridge Journal of Economics, 40(4), 1137–1147.CrossRefGoogle Scholar
  40. Kotz, H.-H. (2016, April 19). Mario Draghi and Germany’s fiscal fetish. Project Syndicate. https://www.project-syndicate.org/commentary/ecb-under-attack-in-germany-by-hans-helmut-kotz-2016-04?barrier=accesspaylog. Accessed June 2016.
  41. Krugman, P. (2011, January 12). Can Europe be saved? The New York Times. http://www.nytimes.com/2011/01/16/magazine/16Europe-t.html. Accessed Oct 2015.
  42. Krugman, P. (2013, May 26). Reinhart and Rogoff are not happy. Blog, The New York Times. http://krugman.blogs.nytimes.com/2013/05/26/reinhart-and-rogoff-are-not-happy. Accessed June 2013.
  43. Lucas, R. E. (1980). The death of Keynesian economics. Winter: Issues and Ideas.Google Scholar
  44. Lucidi, F., & Kleinknecht, A. (2009). Little innovation, many jobs: An econometric analysis of the Italian labour productivity crisis. Cambridge Journal of Economics, 34(3), 525–546.CrossRefGoogle Scholar
  45. Mann, C. L. (2016, November 28). Deploy effective fiscal initiatives and promote inclusive trade policies to escape from the low-growth trap. OECD Ecoscope. https://oecdecoscope.wordpress.com/2016/11/28/deploy-effective-fiscal-initiatives-and-promote-inclusive-trade-policies-to-escape-from-the-low-growth-trap. Accessed Dec 2016.
  46. Marelli, E., & Signorelli, M. (2017). Europe and the euro. Integration, crisis and policies. Cham, Switzerland: Palgrave Macmillan.CrossRefGoogle Scholar
  47. Mirowski, P. (2013). Never let a serious crisis go to waste. London: Verso.Google Scholar
  48. Mitchell, W., & Fazi, T. (2017). Reclaiming the state. London: Pluto Press.CrossRefGoogle Scholar
  49. Münchau, W. (2014, January 19). The real scandal is France’s stagnant economic thinking. Financial Times. www.ft.com/content/0a469808-7f6e-11e3-b6a7-00144feabdc0. Accessed Dec 2014.
  50. Münchau, W. (2014, November 23). Radical left is right about Europe’s debt. Financial Times. www.ft.com/intl/cms/s/0/48e6fa76-70bd-11e4-8113-00144feabdc0.html#axzz3qBPy1PUH. Accessed Dec 2014.
  51. Münchau, W. (2016, May 8). Draghi, Schäuble and the high cost of Germany’s savings culture. Financial Times. https://next.ft.com/content/ac187312-12cf-11e6-839f-2922947098f0. Accessed May 2016.
  52. OECD. (2016). Short-term labour market effects of structural reforms: Pain before the gain? Paris: Employment outlook.CrossRefGoogle Scholar
  53. Ostry, J.D., Loungani, P., & Furceri, D. (2016). Neoliberalism: Oversold? Finance & Development, pp. 38–41. www.imf.org/external/pubs/ft/fandd/2016/06/pdf/ostry.pdf. Accessed June 2016.
  54. Palazuelos, E., & Fernández, R. (2009). Demand, employment, and labour productivity in the European economies. Structural Change and Economic Dynamics, 20(1), 1–15.CrossRefGoogle Scholar
  55. Pâris, P., & Wyplosz, C. (2014, January 28). The PADRE plan: Politically acceptable debt restructuring in the Eurozone. Vox, CEPR’s Policy Portal. http://www.voxeu.org/article/padre-plan-politically-acceptable-debt-restructuring-eurozone. Accessed Apr 2014.
  56. Pilling, D. (2013, November 29). Lunch with the FT: Ha-Joon Chang. Financial Times. http://www.ft.com/intl/cms/s/2/27a2027e-5698-11e3-8cca-00144feabdc0.html#axzz3oQqkXJxp. Accessed Dec 2013.
  57. Pitelis, C. (1991). Market and non-market hierarchies. Theory of institutional failure. Oxford: Blackwell.Google Scholar
  58. Posner, R. A. (2009). A failure of capitalism. The crisis of ’08 and the descent into depression. Cambridge, Mass: Harvard University Press.Google Scholar
  59. Rajaram, A., Minh Le, T., Kaiser, K., Kim, J.-H., & Frank, J. (Eds.) (2014). The power of public investment management: Transforming resources into asset for growth. Washington, DC: World Bank Group. http://documents.worldbank.org/curated/en/2014/09/20268592/power-public-investment-management-transforming-resources-assets-growth. Accessed Oct 2015.
  60. Rapley, J. (2017, July 17). How economics became a religion. The Guardian. http://www.theguardian.com/news/2017/jul/11/how-economics-became-a-religion. Accessed Aug 2017.
  61. Rodrik, D. (2015, October 8). The mirage of structural reform. Project Syndicate. https://www.project-syndicate.org/commentary/greece-structural-reform-mirage-by-dani-rodrik-2015-10. Accessed Oct 2015.
  62. Rodrik, D. (2017, November 6). Rescuing economics from neoliberalism. Boston Review. https://bostonreview.net/class-inequality/dani-rodrik-rescuing-economics-neoliberalism. Accessed Nov 2017.
  63. Röpke, W. (1942). Die gesellschaftskrisis der gegenwart Erlenbach-Zurich: Verlag. 1942. English edition: Röpke, W. (1950). The social crisis of our time (trans: Röpke, W.). London: W. Hodge & C.Google Scholar
  64. Röpke, W. (1948). Civitas humana. A humane order of society. London: W. Hodge & C.Google Scholar
  65. Roubini, N., & Mihm, S. (2010). Crisis economics. A crash course in the future finance. London: Penguin Books.Google Scholar
  66. Sinn, H.-W. (2014, November 1). In defence of the profession. Sueddeutsche. http://www.fiwi.uni-jena.de/wfwmedia/Lehre/AdvPSE1_14/Sinn_SZ_31102014_englisch.pdf. Accessed Dec 2014.
  67. Skidelsky, R. (2006). Hayek versus Keynes: The road to reconciliation. In E. Feser (Ed.), The Cambridge companion to Hayek. Cambridge: Cambridge University Press. http://www.skidelskyr.com/site/article/hayek-versus-keynes-the-road-to-reconciliation. Accessed Apr 2016.
  68. Stiglitz, J. E. (2012). The price of inequality. London: Penguin Books.Google Scholar
  69. Stiglitz, J. E. (2014, May 6). Can the euro be saved? An analysis of the future of the currency union. Rome: LUISS University. https://www0.gsb.columbia.edu/faculty/jstiglitz/download/papers/2014_Can_Euro_Be_Saved_pub.pdf. Accessed Sept 2014.
  70. Stiglitz, J. E. (2016, January 3). The great malaise continues. Project Syndicate. https://www.project-syndicate.org/commentary/great-malaise-global-economic-stagnation-by-joseph-e—stiglitz-2016-01. Accessed Dec 2015.
  71. Stiglitz, J. E., Guzman, M. (2015, June 15). A rule of law for sovereign debt. Project Syndicate. http://www.project-syndicate.org/commentary/sovereign-debt-restructuring-by-joseph-e-stiglitz-and-martin-guzman-2015-06. Accessed July 2015.
  72. Summers, L. H. (2014). U.S. economic prospects: Secular stagnation, hysteresis, and the zero lower bound. Business Economics, 49(2), 65–73.CrossRefGoogle Scholar
  73. Summers, L. H. (2016, February 15). The age of secular stagnation. What it is and what to do about it. Foreign Affairs. https://www.foreignaffairs.com/print/1116485. Accessed June 2016.
  74. Tobin, J. (2001). Currency unions, Europe vs. the United States. Policy Options, May, p. 31–33.Google Scholar
  75. University of Chicago, Booth School of Business. (2015, April 7). IGM forum on American recovery and reinvestment ACT (ARRA). http://www.igmchicago.org/igm-economic-experts-panel/poll-results?SurveyID=SV_cw5O9LNJL1oz4Xi. Accessed May 2015.
  76. Varoufakis, Y. (2016). And the weak suffer what they must. Europe, austerity and the threat to global stability. London: The Bodley Head. Repr. 2017. London: Vintage.Google Scholar
  77. Varoufakis, Y. (2017, August 29). The promise of fiscal money. Project Syndicate. https://www.project-syndicate.org/commentary/fiscal-money-end-central-bank-independence-by-yanis-varoufakis-2017-08. Accessed Sept 2017.
  78. Warner, J. (2013, October 6). Oh God - I cannot take any more austerity debate. The Telegraph Sunday. http://blogs.telegraph.co.uk/finance/jeremywarner/100025496/oh-god-i-cannot-take-any-more-of-the-austerity-debate. Accessed Oct 2013.
  79. Wren Lewis, S. J. (2014, November 16). Can we have our instrument back? Mainly Macro. http://mainlymacro.blogspot.it/2014/11/can-we-have-our-instrument-back.html. Accessed Nov 2014.
  80. Wren Lewis, S. J. (2015, November 11). Europe’s other taboo: reform of the ECB. Mainly Macro. http://mainlymacro.blogspot.it/2015/11/europes-other-taboo-reform-of-ecb.html. Accessed Nov 2015.
  81. Wren Lewis, S. J. (2017, August 11). The politics of lying. Mainly Macro. https://mainlymacro.blogspot.it/2017/08/the-politics-of-lying.html. Accessed Aug 2017.
  82. Zingales, L. (2012). Capitalism for the people. Recapturing the lost genius of American prosperity. New York: Basic Books.Google Scholar
  83. Zingales, L. (2014). Europa o no. Sogno da realizzare o incubo da cui uscire. Milan: Rizzoli.Google Scholar

Copyright information

© Springer Nature Switzerland AG 2018

Authors and Affiliations

  1. 1.Department of Political SciencesUniversity of PisaPisaItaly

Personalised recommendations