Beschreibung:
This book examines the Eurozone crisis in light of theoretical and empirical evidence. The first half explores specific theoretical contributions within a framework of growth theory models to examine the two major pillars of the European construction, the European Central Bank and the Maastricht Treaty, and seeks to explain why they are theoretically wrong. The second half presents results of counterfactual simulations using the Oxford Econometric model and estimates what the Eurozone has lost in terms of economic and social cost from 2002 to 2014 as a consequence of the super-evaluation of the Euro and the Maastricht Treaty parameters being mistakenly fixed and pursued. Finally, the author supports the urgent need to refund the European Union, up-dating The Maastricht Treaty and the ECB statute to build three concentric circles: the USE (United States of Europe), the EU (European Union), the EAFTDA (Europe/Africa Free Trade and Development Area).
Clearly outlines how traditional models can be applied to contemporary issues, institutions and problems
1.- Introduction: Theoretical and Empirical Achievements.- PART I: Some Theoretical Foundations: Why European Treaties and Theoretically Wrong.- 2. Government Expenditure, Inflation and Growth: The Base Model.- 3. 6. the="" there?Economic Policy, Government Investment Programs, Inflation and Growth.- 4. Government Investment Programs in the Open-Economy Case.- 5. Optimal Growth Path for the Economy and Optimal Policies for Government Expenditure.- 6.Optimal Discount Rates for Investment Decisions: Myopic Private Rules versus Hyperopic Government Rules.- 7. Allocation of Time, Human Capital and Endogenous Growth.- 8. Earnings and Human Capital in a Deterministic Life-Cycle Model: Spring-Saving Behavior for Growth.- 9. Taxation, Income Distribution and Optimal Programs to Finance Higher Education.- 10. Income Distribution, Equity and Growth.- PART II: Some Empirical Evidence: Why European Treaties are a Negative-sum Game.- 11. The Cost of the Super-Euro: 2002-2014.- 12. A new Maastricht Treaty?.- 13. What Would Have Happened in Europe if Mr.Draghi Had Not Been There?
