By Rüdiger Pethig, Michael Rauscher
This quantity, in a feeling, goals at reflecting the features of the honoree and it does so in respects. at the one hand, it covers an excellent number of subdisciplines of economics. nonetheless, the e-book levels from theoretical and mathematical economics to hands-on utilized analyses of economic-policy matters. All essays are pushed by means of the aspiration to raised comprehend the financial system and to attract proper conclusions for monetary coverage. The e-book is split into 5 elements facing the German financial system, ecu fiscal concerns, worldwide markets, overseas exchange conception and coverage, and normal assets and the environment.
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Extra info for Challenges to the World Economy
Many recent studies in highly reputed scientific publications give proof to this fact, as does the observation that according to Joseph Stiglitz (1997) - journalists ask questions about the current estimated value of NAIRU in White House press conferences, probably not least because the Council of Economic Advisors uses this analytical instrument. But it remains an open question whether doing some touching-up on the NAIRU is again in order in light on the experience with the New Economy and its (supposed) implications for the NAIRU especially in the United States.
In the field of fiscal policy, it took a little longer to see the limitations of countercyclical policies, but more and more the consensus has emerged that a balanced budget is good to have and that governments should rather focus on policies for long-run economic growth rather than on short-term stabilization issues. As far as unemployment is concerned, much has been learnt by governments and unions concerning the role of wages and the regulatory framework for labor markets although changes take place extremely slowly, certainly in Germany.
One of the reasons was that politicians had been committed by public announcement of a certain line of policy before economists had a chance to discuss problematic aspects and to comment on them. The most outstanding case was the announcement of a monetary union. Looking back one may argue that the monetary union was justified in the end as it paved the way for political union. But it remains a mistake that nothing was done to reduce the illusionary hope that in a monetary union differences of productivity and income would soon disappear.