Description
Book SynopsisThis timely book uses cutting-edge research to analyze the fundamental causes of economic and financial crises, and illustrates the macroeconomic foundations required for future economic policymaking in order to avoid these crises.
The expert contributors take a critical approach to monetary analysis, providing elements for a new paradigm of economic policymaking at both national and international levels. Major issues are explored, including: inflation, capital accumulation and involuntary unemployment, sovereign debts and interest payment, and the euro-area crisis.
Opening new lines of research in the economic and financial crises, this book will prove a fascinating read for academics, students and researchers in the field of monetary economics. Monetary policymakers, central bank officials and international financial organisations will also find the book to be an invaluable resource.
Contributors include: J.-L. Bailly, X. Bradley, A. Cencini, M. Citraro, C. Gnos, P. Piégay, S. Rossi, B. Schmitt
Table of ContentsContents: Introduction Claude Gnos and Sergio Rossi PART I: A NEW ANALYTICAL APPROACH 1. Relative Prices are Undermined by a Mathematical Error Bernard Schmitt 2. Towards a Macroeconomic Approach to Macroeconomics Alvaro Cencini PART II: DOMESTIC ISSUES AND ECONOMIC POLICIES 3. Money, Effective Demand, and Profits Bernard Schmitt 4. Labour, Wages, and Non-wage Incomes Jean-Luc Bailly 5. Inflation and the Circuit of Income Xavier Bradley and Pierre Piégay 6. The Unemployment Issue Claude Gnos 7. Is There a Common Cause to Economic and Financial Crises? Alvaro Cencini PART III: INTERNATIONAL ISSUES AND ECONOMIC POLICIES 8. The Monetary–Structural Origin of TARGET2 Imbalances Across Euroland Sergio Rossi 9. Sovereign Debt and Interest Payments Bernard Schmitt 10. World Monetary Disorders: The Mystery of the ‘Missing Surplus’ and of the ‘Missing Capital Outflow’ Alvaro Cencini and Mauro Citraro Index
