The financial crisis of 2007 required the economics discipline to thoroughly re-evaluate its prevailing theories about economic cycles and economic growth. With a focus on Europe, this volume identifies the latest strands of research on business cycles, monetary theory, the evolution of social policies and public spending, and the institutional context of the European Union. It also considers whether these new ideas could have helped us avoid the crisis, and how they might reshape the current economic paradigm.
This book will be of interest to advanced students and researchers in European economics, macroeconomics and economic history.
PART I Developments in business cycle theory 1 Business cycles without periodicity? BERTRAM SCHEFOLD 2 Business cycle to 2008’s crisis: how system dynamics can help the economists to understand financial crisis ARNAUD DIEMER PART II Monetary and fiscal policies: crisis and change 3 Changes in the ECB monetary policy approach during the crisis ANTONIO FORTE 4 From 1980s onwards, new emerging forms of money facing monetary theory: A revolution or evolution? NICOLAS BARBAROUX 5 The limitations of national budgetary deficits and other Eurozone rules: the near-failures of their implementation and the excessive delays (20 years) in the introduction of a European budgetary stabilization mechanism MAURICE BASLÉ 6 Social spending as a driver of economic growth: has the theoretical consensus of the 1980s led to successful economic policies? SANDRINE MICHEL PART III Economic thought and political confrontation 7 The influence of ordoliberalism in the European integration processes, with the Eurozone crisis as a case PETER NEDERGAARD 8 The evolution of the international monetary and financial system: were French views determinant? ALAIN ALCOUFFE AND FANNY COULOMB 9 Economic culture and the role of economists: the crisis on European newspapers (2008–2013) MONIKA POETTINGER