Paul De Grauwe
Dados Biográficos
| ID | 983128 |
|---|---|
| NOME | Paul De Grauwe |
| PRENOMES | Paul |
| SOBRENOME | De Grauwe |
| ASSINATURA | DE GRAUWE P |
| AFILIAÇÕES | KU Leuven |
| ORCID | 0000-0003-0229-1641 |
| VERIFICADO | Sim |
| TOTAL DE OBRAS | 34 |
| TOTAL DE CITAÇÕES | 155 |
| TOTAL COMO AUTOR | 33 |
| TOTAL COMO EDITOR | 1 |
| PRIMEIRO ANO DE PUBLICAÇÃO | 1972 |
| ANO MAIS RECENTE DE PUBLICAÇÃO | 2020 |
| ÍNDICE H | 7 |
The Quest to Stabilize an Unstable System by Financial Engineering. Reply to Sam Langfield
Inflation Targets and the Zero Lower Bound in a Behavioural Macroeconomic Model
We analyse the relationship between the level of the inflation target and the zero lower bound imposed on the nominal interest rate in the framework of a behavioural New‐Keynesian macroeconomic model in which agents, experiencing cognitive limitations, use adaptive learning forecasting rules. The model produces endogenous waves of optimism and pessimism (animal spirits) that lead to non‐normal distributions of the output gap. We find that when th…
Making the Eurozone Sustainable by Financial Engineering or Political Union
The Limits of the Market
The old discussion about ‘Market or State’ is obsolete. There will always have to be a mix of market and state. The only relevant question is what that mix should look like. How far do we have to let the market go its own way in order to create as much welfare possible for everyone? What is the responsibility of the government in creating welfare? These are difficult questions. But they are also the only interesting questions. That is why they ar…
European Monetary Unification
In this paper, I analyze the experience of European monetary and financial integration to shed some light on the question of the desirability and feasibility of monetary unification in East Asia. The experience of Europe shows that trying to fix the exchange rates when capital is freely moving is unsustainable and leads to frequent speculative crises. This leads to only two options: Either a monetary union or floating exchange rates. Monetary uni…
The Rise of China and Regional Integration in East Asia
Over the past decades, East Asia has achieved one of the most profound economic transformations in recorded history, and has become the most dynamic economic region and one of the most integrated areas in the world. However, regional and economic integration in East Asia is a relatively new phenomenon. Largely reflecting the diversity of the economies, the East Asian regionalism follows a markedly different pattern from that in Europe and other r…
Correcting for the Eurozone Design Failures
© 2015 Taylor & Francis. Macroeconomic policies in the Eurozone have been dysfunctional since the eruption of the financial crisis. The failure of these policies to guide the Eurozone out of the crisis has everything to do with the design failures in the Eurozone. In this article, we first remind the reader of the nature of these design failures. We then analyze how these have led to ill-designed macroeconomic policies. We then focus on the role …
Flexibility, Animal Spirits, and Stabilization
The Political Economy of the Euro
The Eurozone's present state of crisis originated from decisions made at its creation. The decision to create a monetary union was motivated by political objectives and completely disregarded the economics of a monetary union. Political leaders did not understand the necessary economic conditions for a successful monetary union and did not recognize the inherent fragility of the monetary union they established. They showed the same disturbing lac…
From Panic‐Driven Austerity to Symmetric Macroeconomic Policies in the E urozone
Lectures on Behavioral Macroeconomics
Mispricing of Sovereign Risk and Macroeconomic Stability in the Eurozone
This article presents evidence that a significant part of the surge in the spreads of the PIIGS (Portugal, Ireland, Italy, Greece and Spain) countries in the eurozone during 2010–11 was disconnected from underlying increases in the debt‐to‐GDP (gross domestic product) ratios, and was the result of negative market sentiments that became very strong since the end of 2010. It is argued that the systematic mispricing of sovereign risk in the eurozone…
Illicit Trade and the Global Economy
Economists explore the relationship between expanding international trade and the parallel growth in illicit trade, including illegal drugs, smuggling, and organized crime. As international trade has expanded dramatically in the postwar period—an expansion accelerated by the opening of China, Russia, India, and Eastern Europe—illicit international trade has grown in tandem with it. This volume uses the economist's toolkit to examine the economic,…
Economic recession, drug use and public health
Unemployment and drug treatment
The scientific foundation of dynamic stochastic general equilibrium (DSGE) models
The cocaine and heroin markets in the era of globalisation and drug reduction policies
Globalization and the price decline of illicit drugs
What Have we Learnt about Monetary Integration since the Maastricht Treaty
The present governance of the euro area has been devised assuming that the world fits the monetarist-real-business-cycle theory. But that theory is not a correct representation of the world. The European monetary union is a remarkable achievement, but remains fragile because of the absence of a sufficient degree of political union
Asymmetries in Monetary Policy Transmission
In this article we analyse how the enlargement of a monetary union may affect the design of the common monetary policy when the latter transmits asymmetrically between the member countries. We find that the use of national information about inflation and unemployment in the design of the common monetary policy allows for tackling the heterogeneity induced by this asymmetry. This implies that if enlargement contributes to augmenting the transmissi…
Challenges for Monetary Policy in Euroland
Despite the economic and political success of its launch, the challenges ahead for the euro are formidable. This article analyses some of these challenges, focusing particularly on the monetary policy strategy of the European Central Bank (ECB) and on the implications of enlargement of the monetary union to up to 27 Member States. The monetary policy strategy and inflation target of the ECB are criticized for being unrealistic and possibly damagi…
Monetary Policies in the Presence of Asymmetries
In this article we study the theory of monetary policy when the monetary authority faces asymmetries in the countries constituting the monetary union. We identify two asymmetries (shocks and transmission) in the context of a two‐country model. A general finding is that, as the degree of asymmetries increases, the effectiveness of stabilization of output and unemployment is reduced. As a result, when asymmetries increase, the stabilization effort …
Why Has Inflation Remained So Low After the Large Exchange Rate Depreciations of 1992
This article explains why inflation failed to accelerate in industrial countries after the large exchange rate depreciations of 1992–93. The degree of pass‐through from exchange rate changes to inflation is assumed to depend on the degree of openness of the country, on unutilized capacity at home and abroad, on the price of oil and on the wage, fiscal and monetary policies followed by the country after devaluation. Inflation equations are then es…
The international monetary system
Journal Article The international monetary system Get access The international monetary system. Edited By Peter B. Kenen, Francesco Papadiaand Fabrizio Saccomanni. Cambridge: Cambridge University Press. 1994. 349pp. Index. £40.00; ISBN 0 521 45468 9. Pb.: £16.95; ISBN 0 521 46729 2. Paul De Grauwe Paul De Grauwe 1University of Leuven Search for other works by this author on: Oxford Academic Google Scholar International Affairs, Volume 71, Issue 2…
The Economics of Monetary Integration
This textbook on monetary integration, now in its third edition, has been fully revised and updated to take account of the recent important economic and political changes in the EMS, including new empirical evidence and coverage of further theoretical developments. Focusing on the economic theory of monetary union, Professor De Grauwe evaluates the costs and benefits of monetary union and the current possibilities of moving towards a single curre…
Mispricing of Sovereign Risk and Macroeconomic Stability in the Eurozone
This article presents evidence that a significant part of the surge in the spreads of the PIIGS (Portugal, Ireland, Italy, Greece and Spain) countries in the eurozone during 2010–11 was disconnected from underlying increases in the debt‐to‐GDP (gross domestic product) ratios, and was the result of negative market sentiments that became very strong since the end of 2010. It is argued that the systematic mispricing of sovereign risk in the eurozone…
The Political Economy of the Euro
The Eurozone's present state of crisis originated from decisions made at its creation. The decision to create a monetary union was motivated by political objectives and completely disregarded the economics of a monetary union. Political leaders did not understand the necessary economic conditions for a successful monetary union and did not recognize the inherent fragility of the monetary union they established. They showed the same disturbing lac…
What Have we Learnt about Monetary Integration since the Maastricht Treaty
The present governance of the euro area has been devised assuming that the world fits the monetarist-real-business-cycle theory. But that theory is not a correct representation of the world. The European monetary union is a remarkable achievement, but remains fragile because of the absence of a sufficient degree of political union
From Panic‐Driven Austerity to Symmetric Macroeconomic Policies in the E urozone
Correcting for the Eurozone Design Failures
© 2015 Taylor & Francis. Macroeconomic policies in the Eurozone have been dysfunctional since the eruption of the financial crisis. The failure of these policies to guide the Eurozone out of the crisis has everything to do with the design failures in the Eurozone. In this article, we first remind the reader of the nature of these design failures. We then analyze how these have led to ill-designed macroeconomic policies. We then focus on the role …
Monetary Policies in the Presence of Asymmetries
In this article we study the theory of monetary policy when the monetary authority faces asymmetries in the countries constituting the monetary union. We identify two asymmetries (shocks and transmission) in the context of a two‐country model. A general finding is that, as the degree of asymmetries increases, the effectiveness of stabilization of output and unemployment is reduced. As a result, when asymmetries increase, the stabilization effort …
Making the Eurozone Sustainable by Financial Engineering or Political Union
International Money
Journal Article International Money: Post-war Trends and Theories Get access International Money: Post-war Trends and Theories. By PAUL DE GRAUWE. (Oxford: Clarendon Press, 1989. Pp. ix + 257. £29.50 hardback. ISBN 0 19828598 1.) Charles Goodhart Charles Goodhart London School of Economics Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 100, Issue 399, 1 March 1990, Pages 283–284, https://doi.…
The international monetary system
Journal Article The international monetary system Get access The international monetary system. Edited By Peter B. Kenen, Francesco Papadiaand Fabrizio Saccomanni. Cambridge: Cambridge University Press. 1994. 349pp. Index. £40.00; ISBN 0 521 45468 9. Pb.: £16.95; ISBN 0 521 46729 2. Paul De Grauwe Paul De Grauwe 1University of Leuven Search for other works by this author on: Oxford Academic Google Scholar International Affairs, Volume 71, Issue 2…
The scientific foundation of dynamic stochastic general equilibrium (DSGE) models
Asymmetries in Monetary Policy Transmission
In this article we analyse how the enlargement of a monetary union may affect the design of the common monetary policy when the latter transmits asymmetrically between the member countries. We find that the use of national information about inflation and unemployment in the design of the common monetary policy allows for tackling the heterogeneity induced by this asymmetry. This implies that if enlargement contributes to augmenting the transmissi…
Challenges for Monetary Policy in Euroland
Despite the economic and political success of its launch, the challenges ahead for the euro are formidable. This article analyses some of these challenges, focusing particularly on the monetary policy strategy of the European Central Bank (ECB) and on the implications of enlargement of the monetary union to up to 27 Member States. The monetary policy strategy and inflation target of the ECB are criticized for being unrealistic and possibly damagi…
Exchange Rates and Open Economy Macroeconomics
Journal Article Exchange Rates and Open Economy Macroeconomics Get access Exchange Rates and Open Economy Macroeconomics. Edited by RONALD MACDONALD and MARK P. TAYLOR. (Oxford: Basil Blackwell, 1989. Pp. xx+371. £35.00 hardback. ISBN 0631 162380.) Paul De Grauwe Paul De Grauwe Katholieke Universiteit, Leuven Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 100, Issue 402, 1 September 1990, Pag…
A Cross-Section Model of Economic Growth
GCF gross capital formation GNP gross national product N population r growth rate of GNP/N. After fitting this model to a cross section of 100 countries for 1966, they use the estimated coefficients to simulate a growth path of a typical economy. In this comment it will be shown that the simulation results depend critically on the quadratic sDecification of equation (1) .2 Although the estimation of equation (1) by Sommers and Suits gives satisfa…
International Capital Flows and Portfolio Equilibrium
Macroeconomic Theory for the Open Economy
Journal Article Macroeconomic Theory for the Open Economy Get access Macroeconomic Theory for the Open Economy. By PAUL DE GRAUWE. (Aldershot: Gower, 1983. Pp. x + 319. £16.50.) Patrick Minford Patrick Minford University of Liverpool Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 94, Issue 374, 1 June 1984, Pages 401–403, https://doi.org/10.2307/2232363 Published: 01 June 1984
Exchange Rates, Money and Output
Journal Article Exchange Rates, Money and Output Get access Exchange Rates, Money and Output. By PAUL DE GRAUWE, MICHELE FRATIANNI and MUSTAPHA K. NABLI. (Basingstoke: Macmillan, 1985. Pp. xi + 240. £30.00 hardback.) Terence C. Mills Terence C. Mills University of Leeds Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 95, Issue 379, 1 September 1985, Pages 808–809, https://doi.org/10.2307/22330…
Exchange Rates in Multicountry Econometric Models
Journal Article Exchange Rates in Multicountry Econometric Models Get access Exchange Rates in Multicountry Econometric Models. Edited by PAUL DE GRAUWE and THEO PEETERS. (London: Macmillan, 1983. Pp. xi + 287. £30.00.) J. L. Ford J. L. Ford University of Birmingham Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 95, Issue 378, 1 June 1985, Pages 518–521, https://doi.org/10.2307/2233243 Publis…
Exchange Rates and Open Economy Macroeconomics
Journal Article Exchange Rates and Open Economy Macroeconomics Get access Exchange Rates and Open Economy Macroeconomics. Edited by RONALD MACDONALD and MARK P. TAYLOR. (Oxford: Basil Blackwell, 1989. Pp. xx+371. £35.00 hardback. ISBN 0631 162380.) Paul De Grauwe Paul De Grauwe Katholieke Universiteit, Leuven Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 100, Issue 402, 1 September 1990, Pag…
International Money
Journal Article International Money: Post-war Trends and Theories Get access International Money: Post-war Trends and Theories. By PAUL DE GRAUWE. (Oxford: Clarendon Press, 1989. Pp. ix + 257. £29.50 hardback. ISBN 0 19828598 1.) Charles Goodhart Charles Goodhart London School of Economics Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 100, Issue 399, 1 March 1990, Pages 283–284, https://doi.…
International Money
The period since the Second World war has been an eventful and often disturbing one in the international monetary field. Economic theories have been propounded and modified both to explain these events and to influence future choices made by economic actors. This history of international monetary relations shows both how theoretical development affected private developments, and how the theories themselves have been judged - and often discarded -…
The Economics of Monetary Integration
This textbook on monetary integration, now in its third edition, has been fully revised and updated to take account of the recent important economic and political changes in the EMS, including new empirical evidence and coverage of further theoretical developments. Focusing on the economic theory of monetary union, Professor De Grauwe evaluates the costs and benefits of monetary union and the current possibilities of moving towards a single curre…
Exchange Rate Theory
Journal Article Exchange Rate Theory: Chaotic of Foreign Exchange Markets Get access Exchange Rate Theory: Chaotic Models of Foreign Exchange Markets. By Degrauwe (Paul), Dewachter (Hans) and Embrechts (Mark). (Oxford and Cambridge, MA: Basil Blackwell, 1993. Pp. xvii + 273. £35.00 hardback. ISBN 0 631 180168.) Ronald MacDonald Ronald MacDonald University of Strathclyde Search for other works by this author on: Oxford Academic Google Scholar The …
The international monetary system
Journal Article The international monetary system Get access The international monetary system. Edited By Peter B. Kenen, Francesco Papadiaand Fabrizio Saccomanni. Cambridge: Cambridge University Press. 1994. 349pp. Index. £40.00; ISBN 0 521 45468 9. Pb.: £16.95; ISBN 0 521 46729 2. Paul De Grauwe Paul De Grauwe 1University of Leuven Search for other works by this author on: Oxford Academic Google Scholar International Affairs, Volume 71, Issue 2…
Why Has Inflation Remained So Low After the Large Exchange Rate Depreciations of 1992
This article explains why inflation failed to accelerate in industrial countries after the large exchange rate depreciations of 1992–93. The degree of pass‐through from exchange rate changes to inflation is assumed to depend on the degree of openness of the country, on unutilized capacity at home and abroad, on the price of oil and on the wage, fiscal and monetary policies followed by the country after devaluation. Inflation equations are then es…
Monetary Policies in the Presence of Asymmetries
In this article we study the theory of monetary policy when the monetary authority faces asymmetries in the countries constituting the monetary union. We identify two asymmetries (shocks and transmission) in the context of a two‐country model. A general finding is that, as the degree of asymmetries increases, the effectiveness of stabilization of output and unemployment is reduced. As a result, when asymmetries increase, the stabilization effort …
Challenges for Monetary Policy in Euroland
Despite the economic and political success of its launch, the challenges ahead for the euro are formidable. This article analyses some of these challenges, focusing particularly on the monetary policy strategy of the European Central Bank (ECB) and on the implications of enlargement of the monetary union to up to 27 Member States. The monetary policy strategy and inflation target of the ECB are criticized for being unrealistic and possibly damagi…
Asymmetries in Monetary Policy Transmission
In this article we analyse how the enlargement of a monetary union may affect the design of the common monetary policy when the latter transmits asymmetrically between the member countries. We find that the use of national information about inflation and unemployment in the design of the common monetary policy allows for tackling the heterogeneity induced by this asymmetry. This implies that if enlargement contributes to augmenting the transmissi…
What Have we Learnt about Monetary Integration since the Maastricht Treaty
The present governance of the euro area has been devised assuming that the world fits the monetarist-real-business-cycle theory. But that theory is not a correct representation of the world. The European monetary union is a remarkable achievement, but remains fragile because of the absence of a sufficient degree of political union
The cocaine and heroin markets in the era of globalisation and drug reduction policies
Globalization and the price decline of illicit drugs
The scientific foundation of dynamic stochastic general equilibrium (DSGE) models
Illicit Trade and the Global Economy
Economists explore the relationship between expanding international trade and the parallel growth in illicit trade, including illegal drugs, smuggling, and organized crime. As international trade has expanded dramatically in the postwar period—an expansion accelerated by the opening of China, Russia, India, and Eastern Europe—illicit international trade has grown in tandem with it. This volume uses the economist's toolkit to examine the economic,…
Economic recession, drug use and public health
Unemployment and drug treatment
Lectures on Behavioral Macroeconomics
Mispricing of Sovereign Risk and Macroeconomic Stability in the Eurozone
This article presents evidence that a significant part of the surge in the spreads of the PIIGS (Portugal, Ireland, Italy, Greece and Spain) countries in the eurozone during 2010–11 was disconnected from underlying increases in the debt‐to‐GDP (gross domestic product) ratios, and was the result of negative market sentiments that became very strong since the end of 2010. It is argued that the systematic mispricing of sovereign risk in the eurozone…
Flexibility, Animal Spirits, and Stabilization
Economics (33 obras) · Global Financial Crisis and Policies (17 obras) · Macroeconomics (15 obras) · Political science (15 obras) · Monetary policy (14 obras) · Monetary economics (13 obras) · Keynesian economics (12 obras) · Politics (11 obras) · European union (10 obras) · International economics (10 obras)