ENGLISH

Asymmetry and Aggregation in the EU

By David G. Mayes , Matti Viren

Book information

Publisher
Palgrave Macmillan
Year
2011
ISBN
0230538088, 9780230538085
LCC
HG925 .M379 2011
Google Books ID
YD9lPgAACAAJ
Open Library ID
OL25023192M
Language
english
Format
PDF
Filesize
1 MB (1288522 bytes)
Pages
253\253
Orientation
yes
Scanned
no
Time added
2011-08-31 04:54:40

Description

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.

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