By R. Solow
The relation among structural reform and macroeconomic coverage underlies the common notion that the massive eu economies have under-performed long ago decade compared either with their very own criteria and with the contemporaneous functionality of the USA. This booklet, edited through Noel Laureate Robert M. Solow, presents analyses of ways those economies may take a coordinated and simultaneous method of reform in exertions and product markets and the call for aspect.
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Extra resources for Structural Reform and Economic Policy (International Economic Association)
Example text
131–67. Green, A. and D. Mayes (1991) ‘Technical Inefficiency in Manufacturing Industries’, Economic Journal, vol. 101, pp. 523–38. Hay, D. and G. ’, Economic Journal, vol. 107, pp. 597–617. Hellwig, M. and M. Neumann (1987) ‘Economic Policy in Germany: Was there a Turnaround’, Economic Policy, vol. 5, pp. 103–45. Mankiw, N. and D. Romer (1991) New Keynesian Economics (Cambridge, MA: MIT Press), vols 1 and 2. MGI (2002) Productivity Performance in France and Germany – Understanding its Drivers, Including the Role of IT (Frankfurt and Paris: McKinsey Global Institute).
The separate and joint roles of fiscal and monetary policy were a common topic of discussion. Today the intellectual map is quite different. Serious discussion of fiscal policy has almost disappeared. A reading of the literature on macroeconomic theory and policy would lead you to believe that there is only one policy goal – the control of inflation – and that that task is assigned to monetary policy. Fiscal policy is either impossible or undesirable or both. I have the impression – it is only an impression – that the theory leading to this conclusion is taken more seriously in North America than in Europe, but the proposition about policy itself is pursued more seriously in Europe than in North America.
But they have been settled already, on their own Robert M. Solow 35 time scale, and are not reopened in connection with macroeconomic stabilization. Some economists will take it for granted, with or without automatic stabilizers, that an industrial capitalist economy can experience excess supply or excess demand sufficiently long-lasting to justify a readjustment of fiscal and monetary policy to help settle the economy around a satisfactory level of economic activity. Other economists will take it for granted that an industrial capitalist economy self-corrects rapidly enough so that any attempt to shift the average level of economic activity is more likely to do harm than good.