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2017 | OriginalPaper | Chapter

5. German Macroeconomic Thought and Its Effects

Authors : George Bratsiotis, David Cobham

Published in: Political Economy Perspectives on the Greek Crisis

Publisher: Springer International Publishing

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Abstract

We first ask whether there is something different about the macroeconomic thinking that prevails in Germany, which leads the German government to argue for different policies from those which many other policy-makers and economists put forward. We give a qualified positive answer to this question, and then consider the distinctive attitudes held by the German government and/or central bank with respect to the process of monetary integration in Europe and then to the Eurozone crisis. We argue that German opposition to the use of expansionary fiscal policy and of unconventional monetary policy has made a major contribution to the failure to deal appropriately with the Greek crisis or to bring about a strong recovery in the Eurozone.

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previous chapter The Responsibility of the EU
next chapter Seven Years of Austerity and the Greek Dra(ch)ma: Three Economists’ Views and a Comment
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Metadata
Title
German Macroeconomic Thought and Its Effects
Authors
George Bratsiotis
David Cobham
Copyright Year
2017
Book
Political Economy Perspectives on the Greek Crisis

Print ISBN: 978-3-319-63705-1

Electronic ISBN: 978-3-319-63706-8

Copyright Year: 2017

DOI
https://doi.org/10.1007/978-3-319-63706-8_5