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1 BIBLIOGRAPHY Best, H., Lengyel, G., & Verzichelli, L. (Eds.). (2012). The Europe of elites. Oxford: Oxford University Press. Bibow, J. (2012). The Euro debt crisis and Germany s Euro trilemma. Working Paper No. 721 Levy Economics Institute of Bard College May. Chang, M. (2009). Monetary integration in the European Union. London: Palgrave Macmillan. Clower, R. (1965). The Keynesian counter-revolution: A theoretical appraisal. In F. H. Hahn and F. P. R. Brechling (Eds.), The theory of interest rates. London: Macmillan. Davidson, P. (1973). Money and the real world. London: Macmillan. Davidson, P. (2009). The Keynes solution: The path to global economic prosperity. London: Palgrave Macmillan. De Grauwe, P. (1999). Risks of a roofless Euroland. Time Magazine, January 11. De Grauwe, P. (2016). Economics of monetary union (11th edn.). Oxford: Oxford University Press. Delors Report (Committee for the Study of Economic and Monetary Union). (1989). Report on economic and monetary union in the European community. Luxemburg: Office for Official Publications of the EC. Eichengreen, B. (1996/1998). Globalizing capital: A history of the international monetary system. Princeton: Princeton University Press. EU-Commission. (1990, October). One market, one money. An evaluation of the potential benefits and costs of forming an economic and monetary union. European Economy, 44. Fama, E. F. (1970). Efficient capital markets: A review of theory and empirical work. The Journal of Finance, 25(2), Forder J. (2014). Macroeconomics and the Phillips curve myth. Oxford: Oxford University Press. The Author(s) 2016 J. Jespersen, The Euro, DOI /
2 128 BIBLIOGRAPHY Frenkel, J., & Johnson, H. G. (eds.), (1976). The monetary approach to the balance of payments (pp ). Toronto: University of Toronto Press. Friedman, M. (1969). The optimal quantity of money and other essays. Chicago: Aldine Publishing Company. Glick, R., & Rose, A. K. (2015). Currency unions and trade: A post-emu mea culpa. Federal Reserve Bank of San Francisco Working Paper Guajardo, J., Leigh, D., & Pescatori, A. (2011). Expansionary austerity: New international evidence. IMF Working Paper WP/11/158. Washington, DC: International Monetary Fund. Hebsgaard, T. (2011, January 6). Overvismand: Det dominerer jo også debatten, at vand fryser ved nul grader. Information, article. Hoffmeyer, E. (2005). Den politiske historie om Den Økonomiske og Monetære union. Odense: Syddansk Universitetsforlag, 294. Jespersen, J. (2009). Macroeconomic methodology: A post-keynesian perspective. Cheltenham: Edward Elgar. Jespersen, J. (2012). The Euro: Why it went wrong and how to get on? Copenhagen: DEO (in Danish). Jespersen, J. (2013). A European nightmare: How could it happen? Churchill College Lecture. nightmare.pdf Jespersen, J. (2016). Structural budget deficits: Getting causality right. In Madsen, M. O., & Olesen, F. (Eds.), Macroeconomics after the financial crisis. London: Routledge. Jespersen, J., & Jensen, H. R. (2013). Introduction to macroeconomics. Copenhagen: Djøfs Forlag(in Danish). Johnson, H. G. (1977). The monetary approach to balance of payments theory and policy: Explanation and policy implications. Economica, 44(175) (August), Keynes, J. M. (1933). National self-sufficiency. The Yale Review, 22(4) (June) Keynes, J. M. (1936). The general theory of employment, interest and money. London: Macmillan. Lavoie, M., & Stockhammer, E. (2012). Wage-led growth: Concept, theories and policies. Conditions of Work and Employment Series, No. 41, Geneva: ILO. Lechevalier, A., & Wielgohs, J. (eds). (2015). Social Europe: A dead end: What the Eurozone crisis is doing to Europe s social dimension. Copenhagen: DJØF Publishing. Legrain, Ph. (2014). European spring: Why our economies and politics are in a mess. published by the author, distributed by Amazon. Lucas, R. E., Jr. (1987). Models of business cycles. Oxford: Blackwell. Lucas, R. E., Jr., & Sargent, T. J. (1979). After Keynesian macroeconomics. Quarterly Review, Federal Reserve Bank of Minneapolis, Spring issue.
3 BIBLIOGRAPHY 129 Madsen, M. O., & Olesen, F. (eds). (2016). Macroeconomics after the financial crisis. London: Routledge. Majone, G. (2014). Rethinking the union of Europe post-crisis: Has integration gone too far? Cambridge, UK: Cambridge University Press. Mankiw, G. N. (2016). Macroeconomics. 9th edn. New York: Worth Publishers. Mundell, R. (1961, September). A theory of optimal currency areas. American Economic Review, 51(4), OECD Economic Outlook No. 99 (Edition 2016/1), web-site: oecd.org/brandedview.aspx?oecd_bv_id=eo-data-en&doi= d-en. Ostry, J. D., Loungani, P., & Furceri, D. (2016). Neoliberalism, oversold? Finance & Development (IMF), 53(2) (June), pp Patinkin, D. (1958). Liquidity preference and loanable funds: Stock and flow analysis. Economica, NS 25, Pew Research Center. (2015, June). Faith in European project reviving. Rose, A. K. (2000). One money, one market: estimating the effect of common currencies on trade Economic Policy 2000; A non-technical version Does a Currency Union Boost International Trade? California Management Review Rosser, J. R., Holt, R. R. F., & Colander, D. (2010). European economics at a crossroad. Cheltenham: Edward Elgar. Sinn, Hans-Werner. (2012). The Euro trap. On bursting bubbles, budgets, and beliefs. Oxford: Oxford University Press. Skott, P. (2016). Public debt, secular stagnation and functional finance. Madsen and Olesen (Eds). London: Routledge. Sørensen, P. B. (ed.). (2005). Monetary union in Europe: Historical perspectives and prospects for the future. Copenhagen: DJØF Publishing. Thirlwall, A. P. (ed.). (1976). Keynes and international monetary relations. London & Basingstoke: Macmillan. Varoufakis, Y. (2016). And the weak suffer what they must?: Europe, austerity and the threat to global stability. London: The Bodley Head. Wallace, P. (2016). The uro experiment. Cambridge: Cambridge University Press. Wilkinson, R., & Pickett, K. (2010). The spirit level: Why equality is better for everyone. London: Penguin Books.
4 INDEX A Austerity, 40, 78, 117 B Balance of Payments, 2, 3, 5, 15, 17, 24, 25, 30, 31, 36, 39 42, 45, 47, 48, 49 50, 55, 57, 61, 68, 71, 73, 76, 82, 90, 96, 101, 106, , 110, 120, 122 structural current account, 46 Balance-of-payments deficit ceiling of, 124 different from public deficit, 39, 53, 54 Balance-of-payments surplus ceiling of, 124 creditor power, 42 different from public surplus, 56 beggar-thou-neighbour wages policies, 24 25, 36 Bruxelles, 71 C Capital markets, 19, 28, 30, 42, 114, 121 Closed economy, 53, 73 Competing devaluations, 45 Competing wage policy, 93 Convergence Criteria, without convergence, Creditor countries, 42, 56, 101, 115, 118, 123 dictate borrowing conditions, 123 D Deflation, 45, 47, 92 De Grauwe, P., 3, 19, 37 Demand management, 13, 16, 74, 92 Denmark, 25, 27, 32, 37, 49, 58, 107 Devaluation, 25, 26, 36, 45, Dis-integrated capital markets, 103 Divergence, 56 57, 122 E Employment, 14, 16, 18, 21, 37, 46, 53 54, 56, 57, 63, 68, 81, 83 EMS, 24 26, 27, 29, 31 EMU, re-design of, 124, 125 EU-elite, 24, 32 Euro-Monetarism, 18, 26, 60 Euro-Monetarists, 19, 26 28, 33, 34, 37, 40, 51, 53, 56, 60 64, 69 71, 72 73, 80 81, 98, , 121, The Author(s) 2016 J. Jespersen, The Euro, DOI /
5 132 INDEX European Central Bank, lender of last resort, 108, 113 Euro-realism, Euro-Realists, 8, 29, 31, 40, 51, 53, 56 57, 71 73, 80, 81, 105 Euro-Solidarity Fond, 119, 120, 121 Euro system, 118, Eurozone, 2 5, 7, 12 14, 17, 19, 30 33, 37, 40, 42, 45, 51, 60 61, 69, 72, 74, 75, 78 82, 84, 92 98, 102n2, 101, , 122, 124, 125 Exchange rate system fixed, 25, 26, 31, 56 floating, 30, 40, 52, 96, F Fallacy of composition, 63 65, 72 Federalism, 89 Fiscal policy, 10, 14, 59, 65, 67, 73 82, 85n3, 89, 92, 118 France, 3, 25 29, 32, 33, 35, 47, 99, 110, 114, 125 Friedman, M., 13, 15, 37, 89, 104 G GDP growth, 36, 66 Germany, 2 6, 12, 23, 24 25, 27 29, 32 35, 40 43, 47, 53, 58, 70, 76, 78, 93, 97, 99, 110, 114, 116, 125 Greece, 2, 3, 32, 33, 43, 70, 74, 76, 78, 101, 108, I Inequality, increased, 87, Inflation: targeting, 103 Insolvency, 112 Internal devaluation, 36, Italy, 3, 25, 33, 51, 70, 76, 99 K Keynes, J.M., 15, 90, 92, 120, 124 L Labour market flexibility, 3, 97 Lack of self-adjustment, 69 M Macroeconomic imbalances, 2, 4, 5, 11, 25, 27, 61, 64, 69, 72, 75, 87, 89, 99, 120, 121 Macroeconomics imbalances, persistent imbalances, 4, 20, 25, 69, 87, 89, 90, 99, 120 Macroeconomic Theories, 3, 12, 41, 60, 61, 120 Minimum wage, 36 Monetary instability, 111 Monetary policy, misguided, 89 Monetary sovereignty, loss of, 2, 41, 108 Money supply, 16, 104, 110 Mundell, R., 10, 15, 16, 18, 35 O One size policy, does not fit all Euro-countries, 70, 72 Open economy, 51, 91 Output gap, 45, 46, 66 67, 76, 104 P Parallel currency, 123 Phillips Curve, 106
6 INDEX 133 Poland, 31 Private banks, 5, 11, 40, 42, 48, 50, 54, 58, 77, 105, 108, 110, 112, 113, 114, 115, 116, 118, 121 Private sector excess saving, 51, 76 Productivity, 7, 45, 77, 90, 93, 95, 106, 124 Public debt, 30, 33, 36, 51, 53, 65, 66, 79, 81, 82 Public Debt, GDP-ratio, 67, 68, 70, 78 Public sector Budget balanced, 5, 34, 36, 63, 77, 105, 122 current, 66 primary, 66 structural, 46, 53 Public sector deficit, percent of GDP, 78, 82 Realism, lack of, 15, 63 Regional differences, 41 Re-nationalised currencies, 123, 124 Rose, A., 18 S Sinn, H. W., 116 Sovereignty, 12, 24, 33, 42, 54, 56, 108, 122 monetary, 2, 33, 41, 108, 121, 123 Spain, 2, 3, 5, 33, 75, 76, 83, 84, 99, 105, 115, 122 Stability Pact, without stability, Stagnation, 2, 3, 42, 78, 80, 82, 98, 117 Sweden, 31, 32, 37 Q Quantitative Easing, 109, 118 R Race to the bottom, 45, 46, 93, 95, 97, 99 Rate of interest, short term, long term, 16, 20, 30, 107, 112 U UK, 24, 25, 32, 35, 77 78, 93, 98, 99, 101, 112, 125 Uncertainty, 7, 14, 17, 18, 64, 112 Unemployment causing public sector budget deficit, 64 increasing, 2, 51, 74 Unit labour cost (ULC), 45, 95, 97, 99, 106
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