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This analysis of macroeconomic policy, originally published in
1989, argues that key government objectives, such as reduced
inflation, decreased unemployment and an adequate level of national
saving can be achieved only by employing both monetary and fiscal
policies, in conjunction with supply-side policies expressly
designed to improve the workings of the labour market. Part 1 is a
comparative analysis showing the effects of monetary and fiscal
policy on the economy. Real-wage rigidity in the labour market is
shown to have important consequences for the working of both types
of policy, because it conditions the economy's response to tax
changes. Part 2 presents an econometric model which combines
consistent stock-flow accounts with a full range of expectational
effects. Part 3 presents an innovative technique for solving
rational expectations models with the need for arbitary terminal
conditions.
This analysis of macroeconomic policy, originally published in
1989, argues that key government objectives, such as reduced
inflation, decreased unemployment and an adequate level of national
saving can be achieved only by employing both monetary and fiscal
policies, in conjunction with supply-side policies expressly
designed to improve the workings of the labour market. Part 1 is a
comparative analysis showing the effects of monetary and fiscal
policy on the economy. Real-wage rigidity in the labour market is
shown to have important consequences for the working of both types
of policy, because it conditions the economy's response to tax
changes. Part 2 presents an econometric model which combines
consistent stock-flow accounts with a full range of expectational
effects. Part 3 presents an innovative technique for solving
rational expectations models with the need for arbitary terminal
conditions.
This book provides a quantitative framework for the analysis of
conflict dynamics and for estimating the economic costs associated
with civil wars. The author develops modified Lotka-Volterra
equations to model conflict dynamics, to yield realistic
representations of battle processes, and to allow us to assess
prolonged conflict traps. The economic costs of civil wars are
evaluated with the help of two alternative methods: Firstly, the
author employs a production function to determine how the
destruction of human and physical capital stocks undermines
economic growth in the medium term. Secondly, he develops a
synthetic control approach, where the cost is obtained as the
divergence of actual economic activity from a hypothetical path in
the absence of civil war. The difference between the two approaches
gives an indication of the adverse externalities impinging upon the
economy in the form of institutional destruction. By using detailed
time-series regarding battle casualties, local socio-economic
indicators, and capital stock destruction during the Greek Civil
War (1946-1949), a full-scale application of the above framework is
presented and discussed.
This book explores how successful the various tenets of economic
thought have been in prognosticating or remedying economic crises.
Examining key episodes in economic history, from famines in
antiquity to present-day financial collapse, the author finds that
several theories failed to cope with a crisis and lost their
academic impact. The author also presents cases in which major
theoretical innovations were achieved after the experience of a
crisis as well as cases where a completely new theory was needed to
explain and face the events. This book will appeal to
researchers and scholars interested in understanding how
theoretical developments in economics are affected by real-world
economic crises.
This book provides a quantitative framework for the analysis of
conflict dynamics and for estimating the economic costs associated
with civil wars. The author develops modified Lotka-Volterra
equations to model conflict dynamics, to yield realistic
representations of battle processes, and to allow us to assess
prolonged conflict traps. The economic costs of civil wars are
evaluated with the help of two alternative methods: Firstly, the
author employs a production function to determine how the
destruction of human and physical capital stocks undermines
economic growth in the medium term. Secondly, he develops a
synthetic control approach, where the cost is obtained as the
divergence of actual economic activity from a hypothetical path in
the absence of civil war. The difference between the two approaches
gives an indication of the adverse externalities impinging upon the
economy in the form of institutional destruction. By using detailed
time-series regarding battle casualties, local socio-economic
indicators, and capital stock destruction during the Greek Civil
War (1946-1949), a full-scale application of the above framework is
presented and discussed.
This book explores how successful the various tenets of economic
thought have been in prognosticating or remedying economic crises.
Examining key episodes in economic history, from famines in
antiquity to present-day financial collapse, the author finds that
several theories failed to cope with a crisis and lost their
academic impact. The author also presents cases in which major
theoretical innovations were achieved after the experience of a
crisis as well as cases where a completely new theory was needed to
explain and face the events. This book will appeal to researchers
and scholars interested in understanding how theoretical
developments in economics are affected by real-world economic
crises.
With tensions rising over Greece's current debt crisis, this study
chronicles the Occupation Loan that was forcibly obtained by the
Third Reich from Greece in 1942-44. It demonstrates why Greece's
claim for the repayment of the loan is still valid and endeavours
to estimate its present value. To overcome the absence of a normal
debt agreement between the two countries, various assessments of
its current value are presented and discussed. A proposal is
outlined on how the German obligation can be settled within the
bailout agreement that Greece has signed to face the current debt
crisis. Resolving a longstanding issue and bringing justice to the
sacrifices that Greece made during WW2, the settlement will also
help to mitigate the hostile stereotyping that is presently
developing between the two countries. This text provides a close
study of Greece's economic history and present crisis. It will make
essential reading for scholars and students of economic history and
those interested in the European economic crisis.
Structural Funds: Growth, Employment and the Environment is a book
on the role of transfers designed for assisting sustainable
development of less developed regions within the European Union.
The book places special emphasis on the future path of the Greek
economy and discusses likely outcomes -related directly to the
impact of these transfers- in: * Growth and macroeconomic
convergence * Employment in key sectors of the economy * Energy
demand and its environmental aspect The book uses macroeconomic
modelling and modern applied econometric techniques to analyze
these issues, thus offering a coherent methodological framework for
their presentation.To this extent, Structural Funds: Growth,
Employment and the Environment can serve to: * Academic researchers
and economists in recipient countries who can gain a better
understanding of how national authorities can best design and
implement the strategic allocation and utilization of these funds
to maximize the benefits for the domestic economy * Policymakers in
the European Union by offering a sound and rigorously elaborated
treatment which can be applied as an estimation and comparison tool
for the effects of Structural Funds both at the national and the
international level * Economists in Eastern European countries
which are at the pre-accession stage and will be eligible for this
type of transfers in the near future.
Structural Funds: Growth, Employment and the Environment is a book
on the role of transfers designed for assisting sustainable
development of less developed regions within the European Union.
The book places special emphasis on the future path of the Greek
economy and discusses likely outcomes -related directly to the
impact of these transfers- in: Growth and macroeconomic convergence
Employment in key sectors of the economy Energy demand and its
environmental aspect The book uses macroeconomic modelling and
modern applied econometric techniques to analyze these issues, thus
offering a coherent methodological framework for their
presentation. To this extent, Structural Funds: Growth, Employment
and the Environment can serve to: Academic researchers and
economists in recipient countries who can gain a better
understanding of how national authorities can best design and
implement the strategic allocation and utilization of these funds
to maximize the benefits for the domestic economy Policymakers in
the European Union by offering a sound and rigorously elaborated
treatment which can be applied as an estimation and comparison tool
for the effects of Structural Funds both at the national and the
international level Economists in Eastern European countries which
are at the pre-accession stage and will be eligible for this type
of transfers in the near future.
The book explores in depth both the origins of the Greek debt
crisis and the conditions under which the economy might be turned
around from its current malaise. Greek debt turned explosive after
the 2008 global crisis, through a combination of a fiscal spree and
domestic policy complacency, but the unpreparedness and indecision
of the European Union intensified the problem of liquidity and a
massive bail-out agreement became inevitable. However, the
stringencies of the adjustment program led to more recession and
unemployment, while social tension and political polarization
became entrenched. In 2015, a radical Left party, Syriza, ascended
to power on a ticket to end austerity and renegotiate Greece's debt
agreements, but a long-lasting growth and reform agenda is still to
be settled upon. This book lays out some key reforms that would
allow Greece to return to growth and, at the same time, keep the
Euro, an option that still remains a cornerstone for the country's
economic and geopolitical stability.
The book explores in depth both the origins of the Greek debt
crisis and the conditions under which the economy might be turned
around from its current malaise. Greek debt turned explosive after
the 2008 global crisis, through a combination of a fiscal spree and
domestic policy complacency, but the unpreparedness and indecision
of the European Union intensified the problem of liquidity and a
massive bail-out agreement became inevitable. However, the
stringencies of the adjustment program led to more recession and
unemployment, while social tension and political polarization
became entrenched. In 2015, a radical Left party, Syriza, ascended
to power on a ticket to end austerity and renegotiate Greece's debt
agreements, but a long-lasting growth and reform agenda is still to
be settled upon. This book lays out some key reforms that would
allow Greece to return to growth and, at the same time, keep the
Euro, an option that still remains a cornerstone for the country's
economic and geopolitical stability.
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