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SUMMARY:Engelbert Stockhammer - 'Explaining the Euro Crisis: Current Accou
 nt Imbalances\, Credit Booms and Economic Policy in Different Economic Par
 adigms' - Engelbert Stockhammer
DTSTART:20170208T180000Z
DTEND:20170208T193000Z
UID:TALK69848@talks.cam.ac.uk
CONTACT:Philippa Millerchip
DESCRIPTION:*Talk Title:* 'Explaining the Euro Crisis: Current Account Imb
 alances\, Credit Booms and Economic Policy in Different Economic Paradigms
 ’\n\nSt Catharine's Political Economy Seminar in the series on the Econo
 mics of Austerity\, a seminar will be held on 08 February\, 2017 - Engelbe
 rt Stockhammer will give a talk on ‘Explaining the Euro Crisis: Current 
 Account Imbalances\, Credit Booms and Economic Policy in Different Economi
 c Paradigms'. The seminar will be held in the RAMSDEN Room at St Catharine
 's College from 6.00-7.30 pm. All are welcome. The seminar series is suppo
 rted by the Cambridge Journal of Economics and the Economics and Policy Gr
 oup at the Judge Business School.\n\n*Speaker:*\nEngelbert Stockhammer is 
 Professor of Economics at Kingston University London and coordinator of th
 e Political Economy Research Group (PERG). He has worked on Post Keynesian
  Economics\, financialisation\, wage-led demand regimes and economic polic
 y in Europe and is ranked among the top 5% of economists worldwide by REPE
 C. He has published numerous articles in international peer-refereed journ
 als\, including the Cambridge Journal of Economics\, Oxford Review of Econ
 omic Policy\,International Review of Applied Economics\, Journal of Post K
 eynesian Economics\, British Journal of Industrial Relations\, Environment
  and Planning A\, New Political Economy\, and Socio-Economic Review. Recen
 t books include Wage-Led Growth. An Equitable Strategy for Economic Recove
 ry.\n\n*Talk overview:* \nThe paper proposes a post-Keynesian analysis of 
 the Eurozone crisis and contrasts interpretations inspired by New Keynesia
 n\, New Classical\, and Marxist theories. The origin of the crisis is the 
 emergence of a debt-driven and an export-driven growth model\, which resul
 ted in rapid increase in private debt ratios and current account imbalance
 s. The reason the crisis escalated in southern Europe\, but not in other p
 arts of the world\, lies in the unique dysfunctional economic policy regim
 e of the Euro area. European fiscal rules and the Troika impose fiscal aus
 terity on countries in crisis and the separation of fiscal and monetary sp
 aces has made countries vulnerable to sovereign debt crises and forced the
 m to comply. We analyse the role different paradigms attribute to current 
 account imbalances\, fiscal policy and monetary policy. Remarkably\, oppos
 ing views on the relative importance of cost and demand developments in ex
 plaining current account imbalances can be found in both heterodox and ort
 hodox economics. Regarding the assessment of fiscal and monetary policy th
 ere is a clearer polarisation\, with heterodox analysis regarding austerit
 y as unhelpful and large parts of orthodox economics endorsing it. We conc
 lude that there is a weak mapping between post-Keynesian\, New Classcial\,
  New Keynesian and Marxist theories and different economic policy strategi
 es for the Euro area\, which we label Keynesian New Deal\, European Orthod
 oxy\, Moderate Reform and Progressive Exit respectively.\n\nPlease contact
  the seminar organisers Philip Arestis (pa267@cam.ac.uk) and Michael Kitso
 n (m.kitson@jbs.cam.ac.uk) in the event of a query.
LOCATION:The Ramsden Room\, St Catharine's College
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