1,720,980 research outputs found
Germany in the European and Global Crises
No full textMoving from the current global and European imbalances and crises, and from the consideration
of the German reaction to them, the paper explores the political economy origins of the conservative German
policy stance. It emerges that an export-oriented economy was a deliberate decision of the German elite after
WW II and that the external constraint may be regarded as appropriately designed for internal discipline and
efficiency (and vice-versa) in a self-reinforcing process. The conclusions illustrate some possible future
scenarios for Europe
Introduction to the STOREP symposium
No full textThe paper introduces the essays presented at the 2019 Annual Meeting of the STOREP Society that were selected for publication in a Symposium hosted by the Review of Political Econom
Inflation and the NAIRU: assessing the role of long-term unemployment as a cause of hysteresis
No full textHysteresis is receiving renewed interest and empirical support but the mechanisms behind it need better understanding. As a novel contribution to such understanding we empirically assess the interpretation according to which long-term unemployment causes hysteresis by increasing the NAIRU. We analyse a panel of 25 OECD countries over a long time span along two lines of enquiry. First, we verify whether long-term unemployment is ‘reversible’. Second, we focus on episodes of strong long-term unemployment reduction to check for inflationary effects in the subsequent years. We find a strong association between total and long-term unemployment rates even in upswings, testifying to macroeconomic reversibility. We do not find accelerating or persistently higher inflation after episodes of strong decline in long-term unemployment, even when the economy is estimated to be above its potential. Our results cast doubt on this explanation of hysteresis and challenge the notion of NAIRU as an inflationary barrier
Tertiarization, productivity and aggregate demand: evidence-based policies for European countries
No full textOver the last two decades, mature European countries have experienced a slackening in economic growth and stagnating labor productivity. Such a stagnating productivity may result both from poor ‘within sector’ growth and/or ‘structural change’ toward the service sectors. Productivity growth in turn impacts economic and social sustainability in various ways: in particular, it matters for preserving trade balance sustainability at a high level of output and employment and it enhances the scope for preserving and improving welfare systems in the face of an ageing population. The contribution of this paper with regard to these issues is twofold. First, by means of a shift-share analysis, we assess the weight of ‘structural change’ versus ‘within sector’ growth in affecting overall productivity dynamics. Second, we investigate empirically the impact of demand factors on ‘within sector’ productivity growth by testing the Kaldor-Verdoorn law in selected European countries. To do so, we estimate long-run productivity elasticity to autonomous demand by using an ARDL (Autoregressive Distributed Lag) cointegration-based methodology for the 1970–2015 timespan. Findings show that: (i) productivity growth is mainly driven by the ‘within sector’ effect, with a relatively small role played by tertiarization, particularly in the most recent phase (1999–2015); and (ii) autonomous demand growth is relevant in determining productivity dynamics, especially in manufacturing and in the private sector of the economy. A major policy implication is that coordinated expansionary macroeconomic policies would matter for productivity growth in the EU, and at the same time contribute to sustaining employment
Sraffa and the Reconstruction of Economic Theory - volume II: Aggregate Demand, Policy Analysis and Growth
No full text
The meaning of output trends in the analysis of growth
No full textThere has been little explicit discussion of the meaning of the output trends addressed in analyses of growth and their relation to actual magnitudes. This paper examines the weakness of the most common approach, which appears to extend the relation between theoretical and actual magnitudes used in the theories of prices and distribution automatically to the analysis of growth, and goes on to question the implied assumption that the trend of output is independent of actual fluctuations
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Malinvaud on Wicksell’s legacy to capital theory: some critical remarks
Full text linkThis critique of Malinvaud’s article of 2003 on Wicksell’s legacy to capital theory focuses in particular on three points raised there. The first regards the given amount of existing capital that appears in Wicksell’s theory and its connection with his alleged “missing equation”, the second the particular notion of the marginal product of capital adopted by Malinvaud and the meaning of its equality with the rate of interest, and the third the concept of the average period of production taken by Malinvaud from Hicks and its inverse relation to the rate of interest
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