A provocative argument that unless Europe takes serious action soon, its economic and political decline is unavoidable, and a clear statement of the steps Europe must take before it's too late.
Unless Europe takes action soon, its further economic and political decline is almost inevitable, economists Alberto Alesina and Francesco Giavazzi write in this provocative book. Without comprehensive reform, continental Western Europe's overprotected, overregulated economies will continue to slow―and its political influence will become negligible. This doesn't mean that Italy, Germany, France, and other now-prosperous countries will become poor; their standard of living will remain comfortable. But they will become largely irrelevant on the world scene. In The Future of Europe, Alesina and Giavazzi (themselves Europeans) outline the steps that Europe must take to prevent its economic and political eclipse.
Europe, the authors say, has much to learn from the market liberalism of America. Europeans work less and vacation more than Americans; they value job stability and security above all. Americans, Alesina and Giavazzi argue, work harder and longer and are more willing to endure the ups and downs of a market economy. Europeans prize their welfare states; Americans abhor government spending. America is a melting pot; European countries―witness the November 2005 unrest in France―have trouble absorbing their immigrant populations. If Europe is to arrest its decline, Alesina and Giavazzi warn, it needs to adopt something closer to the American free-market model for dealing with these issues.
Alesina and Giavazzi's prescriptions for how Europe should handle worker productivity, labor market regulation, globalization, support for higher education and technology research, fiscal policy, and its multiethnic societies are sure to stir controversy, as will their eye-opening view of the European Union and the euro. But their wake-up call will ring loud and clear for anyone concerned about the future of Europe and the global economy.

The Future of Europe: Reform or Decline (Mit Press)

Business & Money

Giavazzi, Francesco

Alesina, Nathaniel Ropes Professor of Political Economy and Chairman of the Department of Economics Alberto

Economics

MIT Press]

Macroeconomics: A European Perspective will give students a fuller understanding of the subject and has been fully updated to provide broad coverage of the ongoing economic turmoil in Europe. It's unified view of macroeconomics helps students to make the connections between the short, medium, and long run.

Macroeconomics: A European Perspective (2nd Edition)

BLANCHARD, Olivier

Amighini, Alessia

Pearson

A timely and incisive look at austerity measures that succeed―and those that don’tFiscal austerity is hugely controversial. Opponents argue that it can trigger downward growth spirals and become self-defeating. Supporters argue that budget deficits have to be tackled aggressively at all times and at all costs. In this masterful book, three of today’s leading policy experts cut through the political noise to demonstrate that there is not one type of austerity but many.Looking at thousands of fiscal measures adopted by sixteen advanced economies since the late 1970s, Austerity assesses the relative effectiveness of tax increases and spending cuts at reducing debt. It shows that spending cuts have much smaller costs in terms of output losses than tax increases. Spending cuts can sometimes be associated with output gains in the case of expansionary austerity and are much more successful than tax increases at reducing the growth of debt. The authors also show that austerity is not necessarily the kiss of death for political careers as is often believed, and provide new insights into the recent cases of European austerity after the financial crisis.Bringing needed clarity to one of today’s most challenging subjects, Austerity charts a sensible approach based on data analysis rather than ideology.

Austerity: When It Works and When It Doesn't

ALESINA, Alberto

Favero, Carlo

Princeton University Press

Review\n"An extremely important book."―Martin Wolf, Financial Times\n"A towering scholarly achievement."―Kenneth Rogoff, Project Syndicate\n"Impressive. . . . Compelling."―Ferdinando Giugliano, Bloomberg Opinion\n"Austerity is a superb guidebook for policymakers and academic researchers alike. Drawing on the latest academic research and policy experiments, it provides an encyclopedic account of the likely effects of fiscal consolidations on economic outcomes and how those effects might vary according to circumstances."―Valerie A. Ramey, University of California, San Diego\n"An important work for economists, policymakers, politicians, and engaged citizens. . . . One of the clearest and best researched treatments of fiscal policy available."―Milton Ezrati, City Journal\nA revealing look at austerity measures that succeed―and those that don't\nFiscal austerity is hugely controversial. Opponents argue that it can trigger downward growth spirals and become self-defeating. Supporters argue that budget deficits have to be tackled aggressively at all times and at all costs. Bringing needed clarity to one of today's most challenging economic issues, three leading policy experts cut through the political noise to demonstrate that there is not one type of austerity but many. Austerity assesses the relative effectiveness of tax increases and spending cuts at reducing debt, shows that austerity is not necessarily the kiss of death for political careers as is often believed, and charts a sensible approach based on data analysis rather than ideology.

“This is a truly outstanding textbook that beautifully marries theory, empirics and policy. It is surely destined to become the gold standard against which all other texts must be measured” Charles Bean, Deputy Governor, Bank of England. This book gives students a thorough understanding of macroeconomics by taking a unified view of the subject, allowing connections to be made between the short, medium and long run. Re-written almost from scratch in light of the experience of the Great Recession, this text is essential reading for anyone studying macroeconomics in the aftermath of the financial crisis. The book has been re-written almost from scratch after a thorough re-think of how macroeconomics should be taught after the financial crisis. Among the new features: · The text recognizes that modern central banks set interest rates, not the quantity of money: this gets rid of the LM curve greatly simplifying the discussion of financial markets · Ii presents the Medium Run starting directly from the Phillips curve, thus avoiding the intermediate AS-AD step which was clunky, and, for good reasons, undergraduates find it difficult to understand. Output above potential, or unemployment below the natural rate put upward pressure on inflation. The nature of the pressure depends on the formation of expectations, an issue central to current developments · The yield curve now incorporates a risk premium, whose fluctuations have been central to the crisis, especially since Quantitative Easing policies have shown that monetary policy can affect this premium Olivier Blanchard studied at the University of Paris, Nanterre, and has taught at MIT since 1983. He was chief economist at the International Monetary Fund from 2008 to 2015. He is now a Senior Fellow at the Peterson Institute for International Economics. Francesco Giavazzi is Professor of Economics at Bocconi University in Milan, and has been a regular Visiting Professor at MIT Alessia Amighini is Assistant Professor of Economics at Universita’ del Piemonte Orientale (Novara)

Macroeconomics: A European Perspective

Develop a unified view of the latest global macroeconomic events. 
Macroeconomics: A European Perspective, 4th edition , by Blanchard, Amighini & Giavazzi is based on the best-selling US text by Blanchard and presents an integrated, global view of macroeconomics, showing the connections between goods markets, financial markets, and labour markets worldwide. This is a book rooted in the real-world: from the major economic crisis of the late 2000s to the profound economic effects caused by the * pandemic, from monetary policy in the US, to Brexit, the problems of the Euro area and growth in China, it will help you make sense not only of current macroeconomic events but also those that may unfold in the future.

Pearson Education Limited

The European Union faces difficult challenges: to go on with further enlargement; to reconcile radically different views on the appropriate scope and depth of integration; and to close the democratic deficit and revive public support for the Union. Written by a distinguished team of academics from six countries to inform public opinion before the 1996 Intergovernmental Conference, CEPR's sixth Monitoring European Integration Report argues for significant economic, political and legal reforms of the Union to meet these challenges. Flexible Integration is a model of reform designed to overcome the current stalemate between federalists and anti-federalists. It introduces more flexibility to accommodate the heterogeneous interests in Europe without risking the gains achieved through past integration. Flexible integration combines firm commitment by all members to a common supranational common base - including a well-defined set of competences related to the Single Market - with optional integration in other areas through open partnerships. Within these ramifications, the report discusses a number of specific reforms, including: how to introduce a hierarchy of European Law, making the Union's legal structure more flexible and transparent; how to improve enforcement of the Single Market, realising the vision underlying the four freedoms; how to achieve macroeconomic coordination without the tarnished exchange rate mechanism, while accommodating the different views on the single currency; and how to make political decision-making more efficient and legitimate, representing and balancing different European interests and making decision-makers more directly accountable to the citizens of Europe.

Flexible Integration: Towards a More Effective and Democratic Europe (Monitoring European Integration, No 6)

Rosenthal, Howard

Persson, Torsten

Tabellini, Guido

Roland, Gérard

Dewatripont, Mathias

Harden, Ian

Hagen, Jurgen Von

Sapir, Andre

Centre for Economic Policy Research

The European banking industry is in a state of turmoil. The pace of mergers and acquisitions has accelerated across different banking sectors and within the same sector. At the same time, the demise of banks already in trouble has accelerated. While it is helpful to examine the U.S. experience in recent decades, the European situation is complicated by the presence of 'nationally segmented' markets. This report first analyzes what lies behind the historic segmentation of EU financial markets because a clear view about these issues is needed to predict the changes that EMU will bring about. The Monetary Union confronts these changes with no clear strategy for regulation and prudential supervision and the ECB claims it will not be involved in those activities--they will remain the responsibility of national governments and national central banks. The authors examine the policy implications of these changes and propose measures to address the problems that may be encountered.

The Future of European Banking: Monitoring European Integration 9

Vives, Xavier

Danthine, Jean-Pierre

Von Thadden, Ernst-Ludwig

Almost a year after the European Central Bank (ECB) officially "opened for business," this second major report in the Monitoring European Central Bank series provides a detailed analysis of the ECB's actions and alerts the public to the main issues raised by the policies pursued by the ECB during its first year. Written by a team of distinguished economists known internationally for their work on macroeconomics, the report also provides an assessment of the key issues facing European monetary policy.

One Money, Many Countries 2000: Monitoring the European Central Bank 2

Freixas, Xavier

Begg, David

Wyplosz,Charles

Grauwe, Paul De

Uhlig, Harald

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