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    Problematic theoretical considerations of monetary unions

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    Publication date
    2018-10
    End of Embargo
    2019-11-01
    Author
    Baimbridge, Mark J.
    Keyword
    New Consensus Macroeconomics
    NCM
    Optimum currency areas
    OCA
    Rules
    Institutions
    Rights
    © 2018 Nova Science Publishers. Reproduced in accordance with the publisher's self-archiving policy.
    Peer-Reviewed
    Yes
    
    Metadata
    Show full item record
    Abstract
    Although the eurozone sovereign debt crisis took many by surprise following the Global Financial Crisis induced Great Recession, this chapter argues that this was an accident waiting to happen with unjustified emphasis placed upon unproven rules and institutions derived from contemporary neoliberal macroeconomic thinking. First, recent developments in macroeconomic are discussed and evaluated in terms of the so-called New Consensus Macroeconomics (NCM) that forms the current mainstream macroeconomic model comprising a blend of New Classical and New Keynesian theories is through adopting the rational behaviour hypothesis and supply-side-determined long-term equilibrium of output. A particular feature of these ideas is the inclusion of rules and institutions that are perceived to result in time consistent policymaking through essentially binding politicians from undertaking in non-optimal behaviour for either opportunistic, partisan or non-rational expectations reasons. Second, in addition to the general backdrop of macroeconomics the chapter considers the notion of a monetary union between countries under the rubric of both exogenous and endogenous Optimum Currency Area (OCA) theory. This combination of theoretical propositions form the bedrock of the eurozone where the TEU convergence criteria and SGP form the rules, while the European Central Bank is the key institution tasked with delivering low and stable price inflation. However, although these notions have become the staple diet of a generation of mainstream economists they comprehensively failed to insulate the eurozone from its sovereign debt crisis.
    URI
    http://hdl.handle.net/10454/16714
    Version
    Accepted Manuscript
    Citation
    Baimbridge MJ (2018) Problematic theoretical considerations of monetary unions. In: Bukowski SI (ed.) Monetary Unions: background, advantages and disadvantages. New York: Nova Science Publishers. pp 25-52.
    Link to publisher’s version
    http://hdl.handle.net/10454/16713
    Type
    Book chapter
    Notes
    Full text of this chapter will be released for public view at the end of the publisher embargo on 1 Nov 2019.
    Collections
    Management and Law Publications

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