Euro area growth differentials: diverging and reinforcing factors in a Kaleckian SVAR approach

Acemoglu D, Johnson S, Robinson J (2004) Institutions as the fundamental cause of long-run growth. NBER working paper, no. 10481

Aresatis P, Sawyer M (1998) Keynesian economic policies for the new millennium. Econ J 108(446):181–195

Arestis O, McCauley K, Sawyer M (2001) An alternative stability pact for the European Union. Camb J Econ 25(1):113–130

Auerbach AJ, Gorodnichenko Y (2011) Fiscal multipliers in recession and expansion. NBER working paper, no. 17447

Badhuri A, Marglin S (1990) Unemployment and the real wage: the economic basis for contesting political ideologies. Camb J Econ 14(4):375–393

Beetsma R, Giuliodori M (2011) The effects of government purchases shocks: review and estimates for EU. Econ J 121(550):4–32

Beetsma R, Giuliodori M, Klaassen F (2011) The effects of public spending shocks on trade balances and budget deficits in the European Union. J Eur Econ Assoc 6(2–3):414–423

Belke A, Dreger C (2013) Current account imbalances in the euro area: does catching-up explain the development. Rev Int Econ 21(1):6–17

Bibow J (2013) On the Franco-German Euro contradiction and ultimate Euro battleground. Contrib Polit Econ 32(1):127–149

Bibow J (2015) Making the Euro viable: the Euro treasury plan. Levy Economics Institute of Bard College working paper, no. 842

Blanchard OJ, Summers LH (1986) Hysteresis and the European unemployment problem. In: Fisher S (ed) NBER macroeconomics annual 1986, vol 1. MIT Press, Cambridge

Blanchard OJ, Cerutti E, Summers LH (2015) Inflation and activity. IMF working paper, no. 15/230

Bruggemann R, Krolzug HM, Lutkepohl H (2003) Comparison of model reduction methods for VAR processes. Nuffield College Economic working papers, no. 2003/W3

Chen R, Milesi-Ferretti G-M, Tressel T (2012) External imbalances in the Euro Area. Econ Policy 28(73):101–142

Christiano L, Eichenbaum M, Evans C (1999) Monetary policy shocks: What have we learned and to what end? In: Taylor JB, Woodford M (eds) Handbook of macroeconomics. Elsevier, Amsterdam, pp 65–148

Claessens S, Mody A, Vallee S (2012) Paths to Eurobonds. IMF working paper, no. 12/172

Cottarelli C (2016) A European fiscal union: the case for a larger central budget. Econ Polit 33(1):1–8

Covi G (2017) Testing the demand regime hypothesis in the euro area. Evidence from a VAR approach. App Econ Lett. https://doi.org/10.1080/13504851.2017.1352075

Covi G, Eydam U (2018) End of the sovereign-bank doom loop in the European Union? The Bank Recovery and Resolution Directive. J Evol Econ. https://doi.org/10.1007/s00191-018-0576-2

De Grawue P (2007) Economics of monetary union. Oxford University Press, Oxford

De Grauwe P (2013) Design failures in the Eurozone: Can they be fixed? European Commission Economic Papers, no. 491

DeLong JB, Summers LH (2012) Fiscal policy in a depressed economy. Brookings Pap Econ Act 2012:233–297

Eichengreen B (2010) Imbalances in the euro area. University of California, Berkeley. http://eml.berkeley.edu/~eichengr/Imbalances_Euro_Area_5-23-11.pdf . Accessed 1 May 2017

Fatas A, Summers LH (2015) The permanent effect of fiscal consolidation. CEPR discussion paper, no. 10902

Fazzari S, Ferri P, Greenberg E (2008) Cash flow, investment, and Keynes–Minsky cycles. J Econ Behav Organ 65(3–4):555–572

Ginzburg A, Nocella G, Simonazzi A (2013) Economic relations between Germany and Southern-Europe. Camb J Econ 37(3):653–675

Kaldor N (1970) The case for regional policies. Scott J Polit Econ 60(5):337–348

Kaldor N (1971) Conflicts in national economic objectives. Econ J 81(321):1–16

Kalecki M (2010) Theory of economic dynamics: an essay on cyclical and long-run changes in capitalist economy. Routledge, London

Keynes JM (1980) The collected writings of John Maynard Keynes XXV: activities 1940–1944: shaping the post-world war, the Clearing Union. Cambridge University Press, Cambridge

Kollmann R, Ratto M, Roeger W, Veld J, Vogel L (2015) What drives the German current account? And how does it affect other EU Member States? Econ Policy 30(81):47–93

Konzelmann SJ (2014) The political economics of austerity. Camb J Econ 38(4):701–741

Krugman P (1987) The narrow moving band, the Dutch disease, and the competitive consequences of Mrs. Thatcher. J Dev Econ 27(1–2):41–55

Lane PR, Milesi-Ferretti G-M (2010) The cross-country incidence of the global crisis. IMF Econ Rev 59(1):77–110

Laski K, Podkaminer L (2012) The basic paradigms of EU economic policy-making need to be changed. Camb J Econ 36(1):253–270

Laski K, Walther H (2013) Kalecki’s profit equation after 80 years. WIIW working paper, no. 100

Lavoie M, Stockhammer E (2013) Wage-led growth: an equitable strategy for economic recovery. Palgrave Macmillan, London

Lutkepohl H (2005) New introduction to multiple time series analysis. Springer, Berlin

Meade JE (1957) The balance of payments problems of a free trade area. Econ J 67:379–396

Minsky HP (1982) Can ‘It’ happen again? Essays on instability and finance. ME Sharpe Inc, New York

Minsky HP (2008) Stabilizing an unstable economy. McGraw-Hill, New York

Mundell RA (1961) A theory of optimum currency areas. Am Econ Rev 51(4):657–665

Naastepad CWM, Storm S (2015) Europe’s hunger games: income distribution, cost competitiveness and crisis. Camb J Econ 39(3):959–986

Naastepad CWM, Storm S (2017) Bhadruri–Marglin meet Kaldor–Marx: wages, productivity and investment. Rev Keynes Econ 5(1):4–24

Obstfeld M (1997) Europe’s gamble. Brookings Pap Econ Act 2:241–317

O’Rourke HK, Taylor AM (2013) The cross of Europe. J Econ Perspect 27(3):167–192

Padoan C (2015) After the crisis, a new European governance. Econ Polit 32(3):271–276

Pasimeni P (2014) An optimum currency crisis. EJCE 11(2):173–204

Podkaminer L (2017) ‘Old’ Europe’s wage dynamics and trade imbalances: Is there a link? Empirica. https://doi.org/10.1007/s10663-016-9365-z

Ryoo S (2013) Minsky cycles in Keynesian models of growth and distribution. Rev Keynes Econ 1(1):37–60

Ryoo S (2016) Household debt and housing bubbles: a Minskian approach to boom-bust cycles. J Evol Econ 26(5):971–1006

Scitovsky T (1958) Economic theory and western European integration. Stanford University Press, Stanford

Shambaugh JC (2012) The Euro’s three crises. Brookings Pap Econ Act 2012:157–231

Stadler GW (1990) Business cycle models with endogenous technology. Am Econ Rev 80(4):763–778

Stockhammer E (2007) Wage moderation does not work: unemployment in Europe. Rev Radic Political Econ 39(3):391–397

Stockhammer E (2008) Wage flexibility or wage coordination? Economic policy implications of the wage-led demand regime in the euro area. EJEEP 5(1):54–62

Stockhammer E (2011a) Peripheral Europe’s debt and German wages: the role of wage policy in the euro area. IJPP 7(1):83–96

Stockhammer E (2011b) Wage norms, capital accumulation, and unemployment: a post-Keynesian view. Oxf Rev Econ Pol 27(2):295–311

Stockhammer E (2015) Rising inequality as a cause of the present crisis. Camb J Econ 33(9):935–958

Stockhammer E (2017) Wage-led versus profit-led demand: what have we learned? A Kaleckian-Minskyan view. Rev Keynes Econ 5(1):25–42

Stockhammer E, Michell J (2017) Pseudo-Goodwin cycles in a Minsky model. Camb J Econ 41(1):105–125

Stockhammer E, Onaran Ö (2004) Accumulation, distribution and employment: a structural VAR approach to a Kaleckian macro-model. Struct Change Econ Dyn 15(4):421–447

Stockhammer E, Onaran Ö (2005) Two different export-oriented growth strategies. Emerg Mark Finance Trade 41(1):65–89

Stockhammer E, Onaram Ö (2013) Wage-led growth: theory, evidence, policy. Rev Keynes Econ 1(1):61–78

Stockhammer E, Wildauer R (2016) Debt-driven growth? Wealth, distribution and demand in OECD countries. Camb J Econ 40(6):1609–1634

Taylor L (2012) Growth cycles, asset prices and finance. Metroeconomica 63(1):40–63