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SUMMARY:Is German wage policy destroying the Euro? - Prof Engelbert Stockh
 ammer\, Vienna University of Economics
DTSTART:20110209T160000Z
DTEND:20110209T170000Z
UID:TALK29028@talks.cam.ac.uk
CONTACT:Ellen Ihrig
DESCRIPTION:The paper argues that the Greek debt crisis (as well as those 
 of other Southern European countries) has to be seen in a macroeconomic co
 ntext. The sum of public sector balance\, the (domestic) private sector ba
 lance and the current account deficit (or equivalently: the capital inflow
 s) has to add up to zero. By implication in a country that has a current a
 ccount deficit either the private sector or the public sector has to run a
  deficit. Therefore the PIIGS countries can only solve their public debt p
 roblems if there is a change in German current account surpluses. The pape
 r explores the implications of this for wage policy in the Euro zone.
LOCATION:Mill Lane Lecture Rooms\, Room 4
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