Macroeconomic Policies and Institutions
'Angelo Costa' Lectures Serie, 2006, issue Lect. VII
Why since at least two decades macroeconomic policies have been so active in the US and so passive in Europe? I contend that social norms have changed and that the new norms call for a greater degree of inequality. Then macroeconomic policies have to be active in the United States and passive in Europe. The change in the social norm was mainly led by the new generation of elites born after WW2 educated in a context where individual successes were more affected to individuals than to the collective action which has contributed to build the public goods they have benefited from.
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Working Paper: Macroeconomic Policies and Institutions (2006)
Journal Article: Macroeconomic Policies and Institutions (2005)
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