Economic Policy Proposals for Germany and Europe by Ronald Schettkat, Jochem Langkau

By Ronald Schettkat, Jochem Langkau

Despite exporting extra solid and prone than the other kingdom on this planet, financial progress in Germany has been gradual in the course of the nineties and the early 21st century with low salary development, emerging unemployment and extending public deficits. German unemployment used to be characteristically clinically determined as structural, neglecting macroeconomic explanations of financial stagnancy within the monetary coverage debate. This publication deals a clean, leading edge research of the German financial coverage debate, containing essays from 8 distinct foreign economists.

These essays take on a number of facets of the German and ecu industry, starting from theoretical matters criticizing the narrowness of the controversy, analyses of the true results of economic guidelines within the brief and long term, financial coverage contributions, salary regulations, to family members regulations, arguing for a extra expansionary macroeconomic coverage to counteract monetary stagnancy and increase prosperity in Germany and Europe.

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We will present results using both weighted and unweighted data. 7 We have structured the model in such a way that we have one dummy variable for each country. e. we eliminate VAR, GDP, and SIXTIES. As a result, the country coefficients represent the effects of monetary policy in each country in studies using VAR as an econometric method, GDP as a measure of output, with a sample period starting in the 1960s. In this way, we eliminate differences between countries that have to do with the use of different econometric methods, output measures, and sample periods.

As a result, we restricted the analysis to those studies that use the interest rate as the policy variable. There are also a number of studies using structural econometric models. 32 P. C. 3 We used these numbers and applied the same harmonization so that these parameters measure the effect of a shock in the interest rate (money stock) of 1 per cent. Many of the 83 studies selected report results for more than one country. As a result, we obtained 278 parameters measuring the short-term and long-term output effects of monetary policy shocks.

But I will make some comments anyway, because my concern is not so much with policy decisions themselves as with the narrowness of the public debate. The Maastricht criteria and the SGP cannot be taken as a general statement of the “right” way to conduct macroeconomic policy. They were designed for a specific occasion: to help in establishing the minimal convergence of national inflation and interest rates that was necessary for the creation of the European Monetary Union and the single currency.

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