Asymmetry and Aggregation in the EU

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.

DAVID G MAYES is BNZ Professor of Finance at the University of Auckland, former Advisor to the Board at the Bank of Finland and Chief Manager at the Reserve Bank of New Zealand. He has published widely on economic integration and provided advice to central banks around the world.

MATTI VIREN is Professor of Economics at the University of Turku, and scientific advisor to the Bank of Finland. He has published widely on fiscal and monetary policy and has also served two years as a pre-accession advisor in the Polish Ministry of Finance.

Introduction
Measurement and Aggregation
Aggregate Supply and demand in an Open Economy
The Phillips Curve
Regional and Sectoral Concerns
Output, Unemployment and the Labour Market: The Okun Curve
Asymmetry and the Role of the Public Sector
Monetary Policy
Fiscal Responses
References

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Asymmetry and Aggregation in the EU

Summary

Author Biography

Table of Contents

Supplemental Materials