1st ERMEES MACROECONOMICS WORKSHOP

Wokshop   Macroeconomics Workshop “The Euro Crisis: Where Do We Stand?” Friday October 16th, 2015, Strasbourg The University of Strasbourg, the Bureau of Economic Theory and Applications (BETA-CNRS, UMR 7522) and the ERMEES research team are delighted to announce a one-day workshop on macroeconomic issues raised by the euro crisis, to be held on Friday October 16th, 2015 in Strasbourg. This workshop aims at providing some perspectives on the current crisis in the eurozone from a macroeconomic point of view. As a matter of fact, the euro crisis is not only due to financial causes. Several macroeconomic imbalances have played a major role in the burst and in the deepening of the euro crisis. These factors have been magnified by an incomplete monetary architecture and are the underlying causal mechanisms of the euro crisis. Among these contributing factors, we can quote exchange rate misalignments, inflation rate differentials, housing markets dynamics and private sector indebtedness. The aim of this workshop is to produce high quality debates in which macroeconomists will explore the consequences of the euro crisis. We invite the submission of papers on various topics related to the euro crisis; both empirical and theoretical papers are welcome. All presentations and discussions will be in English. Paper topics include:  Fiscal Policy, Public Finance Sustainability, Fiscal discipline Monetary Policy, Monetary and Financial Integration External Imbalances (Current Account Balances, Exchange Rates) Exit...

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Competitiveness Imbalances in the Eurozone

ERMEES Note, 25/01/14 Thomas Coudert (BETA-CNRS, University of Strasbourg) and Jamel Saadaoui (BETA-CNRS, University of Strasbourg) With the incoming European elections in May 2014, several political parties propose that southern European countries (France included) leave the monetary union in order to devalue their national currencies in order to restore their competitiveness. Before I go forward, I will make two remarks to be clearer. Firstly, competitiveness in a broad sense includes price competitiveness and non-price competitiveness. The first concept concerns the price of products traded with the rest of the world and the second concept corresponds to the quality of products traded with foreign partners. Devaluation allows increasing price competitiveness to some extent as traded good would be cheaper relatively to competitors. Secondly, competitiveness is always a relative concept. A country, a firm, a football team is always competitive relatively to its partners or competitors. Come back to the benefits that will induce this increase of competitiveness in southern countries. These competitiveness gains (relatively to the rest of the Eurozone) would permit to reignite growth through the export sector. In fine, renewed growth in southern countries would allow to reduce stratospheric unemployment rates observed since the onset of the Euro crisis in 2010. In this post, I propose to explore different paths through which the Eurozone could reduce competitiveness imbalances. Specifically, I want to highlight that currency devaluation (after an...

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