edited by ISPI

New policies and institutions to escape the fate of recurring crises

This week, RAstaNEWS partners presented the position paper "Eurozone in the Doldrums: New Policies and Institutions to Escape the Fate of Recurring Crises". The paper will serve as a basis for discussion at the closed-door Executive Briefing "Lessons from the Crisis: Rewiring EMU Economic Policymaking", which is organized by ISPI and will be held at Bruegel (Brussels) on June 4th (find here the preliminary programme, listing non-RAstaNEWS participants only).

The paper argues that the Eurozone crisis was at least partially self-inflicted. In place of fiscal austerity, expansionary fiscal policies may have eased the economic crisis or shortened its length, helping Eurozone economies recovering faster - something which actually happened in the United States.

Recently, a partial change of heart seems to be underway. This is exemplified by renewed activism by the ECB, and by the fact that a new consensus seems to be emerging among European policy makers, recognizing the need to actively support aggregate demand.

RAstaNEWS partners support such stance, all the more so given that an accommodating fiscal policy stance could prove useful during the design and enforcement of important structural reforms. Nonetheless, RAstaNEWS also thinks that more needs to be done, and delineates in the paper a three-pronged strategy to help the Eurozone avoid the fate of recurring crises.

 

ABOUT RAstaNEWS

RAstaNEWS investigates many aspects of the future of macro-economic and monetary integration in Europe, paving the way to a revised governance of the EMU, and the EU as a whole, in the wake of the debt crisis.
Our project is based on the premise that rethinking the future of macroeconomic and monetary integration in Europe requires a substantial revision and integration of the underlying macroeconomic model and a new vision about what markets and policy-makers can accomplish.
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RESEARCH AND PUBLICATIONS

Limited Asset Market Participation and the Optimal Fiscal and Monetary Policies

Lorenzo Menna and Patrizio Tirelli (University of Milano Bicocca) Read it here

The Comeback of Inflation as an Optimal Public Finance Tool

Giovanni Di Bartolomeo, Nicola Acocella (Sapienza University) and Patrizio Tirelli (University of Milano Bicocca) Read it here

Cross sectional evidence on the relation between monetary policy, macroeconomic conditions and low-frequency inflation uncertainty

Christian Conrad and Matthias Hartmann (Ruprecht-Karls-Universitšt Heidelberg) Read it here

Insights on the global macro-finance interface: Structural sources of risk factor fluctuations and the cross-section of expected stock returns

Claudio Morana (University of Milan Bicocca) Read it here

The oil price-macroeconomy relationship since the mid-1980s: A global perspective

Claudio Morana (University of Milan Bicocca) Read it here

June

On 8 June the Catholic University of the Sacred Heart, one of RAstaNEWS partners, is organizing an inaugural lecture of the Complexity Lab in Economics. Professor Joseph Stiglitz, 2001 Nobel Laureate and member of the RAstaNEWS International Advisory Board, will be the keynot speaker at the event.

June

RAstaNEWS is organizing a closed-door Executive Briefing which will be held at Bruegel (Brussels), on 4 June.

 

March

RAstaNEWS organized its Second Annual Conference, which was held at ISPI's headquarters on 13 March. Click here for a video of the event, and much more.

November

PISM, one of RAstaNEWS partners, organized the Conference "EU Economic Governance in the Making: The CEE Perspective, which was held on 14 November at PISM venues in Warsaw.

 
 
 

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