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Post-Keynesian Alternative Policies to Curb Macroeconomic Imbalances in the Euro Area

Eckhard Hein and Daniel Detzer

Panoeconomicus, 2015, vol. 62, issue 2, 217-236

Abstract: In this paper we outline alternative post-Keynesian policy recommendations addressing the problems of differential inflation, divergence in competitiveness and associated current account imbalances within the Euro area. We provide a basic framework in order to systematically address the related issues making use of Anthony P. Thirlwall’s (1979, 2002) model of a “balance-of-payments-constrained growth rate†(BPCGR). Based on this framework, we outline the required stance for alternative economic policies and then we discuss the implications for alternative monetary, wage/incomes and fiscal policies in the Euro area as a whole, as well as the consequences for structural and regional policies in the Euro area periphery, in particular.

Keywords: Differential inflation rates; Current account imbalances; Competitiveness; Euro area economic policies (search for similar items in EconPapers)
JEL-codes: E61 E62 E63 E64 (search for similar items in EconPapers)
Date: 2015
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Handle: RePEc:voj:journl:v:62:y:2015:i:2:p:217-236