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This book provides a unique study of the differences in economic
behaviour according to the phases of the economic cycle in the
countries of the European Union. It presents a comprehensive
analysis of asymmetry in the EU over the last forty years, and
shows that the problems in the global financial crisis were readily
predictable.
The authors use empirical research and panel data to show how much
economic behaviour changes between the up and down phases of the
business cycle, and the difficulties this creates for monetary,
fiscal and labour market policies. The volume demonstrates how
prescient the asymmetric design of the Stability and Growth Pact
was in trying to offset countries understandable optimism in fiscal
policy, and the consequent tendency not to manage debt
successfully. It also reveals the inherent problems for managing
unemployment in an asymmetric labour market.
This book presents a clear exposition of what constitutes asymmetry
in economics. It provides an empirical application of these ideas
in the case of the EU. In particular, it shows how important
asymmetry is for the appropriate design of policy in the Euro Area.
Many models in this volume can be used in solving portfolio
problems, in assessing forecasts, in understanding the possible
effects of shocks and disturbances.
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