Labor cost, competitiveness, and imbalances within the eurozone

References

• Arghyrou, M. G., and G. Chortareas. 2008. “Current Account Imbalances and Real Exchange Rates in the Euro Area.” Review of International Economics 16 (4): 747–764. https://doi.org/10.1111/j.1467-9396.2008.00773.x
   Web of Science ®Google Scholar
• Blanchard, O. 2006. “Adjustment within the Euro. The Difficult Case of Portugal.” Portuguese Economic Journal 6 (1): 1–21. https://doi.org/10.1007/s10258-006-0015-4
   Web of Science ®Google Scholar
• Bofinger, P. 2015. “German Wage Moderation and the Eurozone Crisis.” Social Europe, December 1.
   Google Scholar
• Botta, A., G. Porcile, D. Spinola, and G. T. Yajima. 2023. “Financial Integration, Productive Development and Fiscal Policy Space in Developing Countries.” Structural Change and Economic Dynamics 66: 175–188. https://doi.org/10.1016/j.strueco.2023.04.016
   Web of Science ®Google Scholar
• Carnevali, E., G. Fontana, and M. Veronese Passarella. 2020. “Assessing the Marshall-Lerner Condition within a Stock-Flow Consistent Model.” Cambridge Journal of Economics 44 (4): 891–918. https://doi.org/10.1093/cje/bez060
   Web of Science ®Google Scholar
• Celi, G., A. Ginzburg, D. Guarascio, and A. Simonazzi. 2018. Crisis in the European Monetary Union: A Core-Periphery Perspective. 1st ed. New York: Routledge.
   Google Scholar
• Dadush, U., S. Aleksashenko, S. Ali, V. Eidelman, M. Naim, B. Stancil, and P. Subacchi. 2010. Paradigm Lost: The Euro in Crisis. Washington: Carnegie Endowment for International Peace.
   Google Scholar
• Danninger, S., and F. Joutz. 2007. “What Explains Germany’s Rebounding Export Market Share?” IMF Working Paper, WP/07/24.
   Google Scholar
• Diaz Sanchez, J. L., and A. Varoudakis. 2013. “Growth and Competitiveness as Factors of Eurozone External Imbalances.” World Bank Policy Research, Working Paper 6732.
   Google Scholar
• Di Mauro, F., and K. Forster. 2010. “Globalisation and the Competitiveness of the Euro Area.” ECB Occasional Papers Series, n 97.
   Google Scholar
• Draghi, M. 2012. “Competitiveness of the Euro Area and within the Euro Area.” Speech by the President of the European Central Bank at the Colloquium “Les Défis De la Compétitivité”, Organised by Le Monde and L’Association Française Des Entreprises Privées. Paris, March 13.
   Google Scholar
• Duwicquet, V., and J. Mazier. 2010. “Financial Integration and Macroeconomic Adjustments in a Monetary Union.” Journal of Post Keynesian Economics 33 (2): 333–370. https://doi.org/10.2753/PKE0160-3477330207
   Web of Science ®Google Scholar
• Duwicquet, V., and J. Mazier. 2012. “Financial Integration and Stabilization in a Monetary Union without or with Bank Rationing.” In Contributions in Stock-Flow Modeling, edited by Dimitri B. Papadimitriou and Gennaro Zezza. Basingstoke: Palgrave MacMillan.
   Google Scholar
• Duwicquet, V., and J. Mazier. 2015. “Crise de la zone euro, intégration financière et rationnement bancaire.” Revue Économique 2015/4, 66: 783–803.
   Google Scholar
• Duwicquet, V., J. Mazier, and J. Saadaoui. 2018. “Dealing with the Consequences of Exchange Rate Misalignments for Macroeconomic Adjustments in the EMU.” Metroeconomica 69 (4): 737–767. https://doi.org/10.1111/meca.12211
   Web of Science ®Google Scholar
• Duwicquet, V. 2020. “Financialization, Dividends, and Accumulation of Capital.” Journal of Post Keynesian Economics 44 (2): 239–282. https://doi.org/10.1080/01603477.2020.1713820
   Web of Science ®Google Scholar
• Felipe, J., and U. Kumar. 2011. “Unit Labor Costs in the Eurozone: The Competitiveness Debate Again.” Levy Economics Institute of Bard College, Working Paper n°651.
   Google Scholar
• Flassbeck, H., and C. Lapavitsas. 2013. The Systemic Crisis of the Euro – True Causes and Effective Therapies. Berlin: Rosa Luxembourg Stiftung Studien.
   Google Scholar
• Godley, W. 1999. “Seven Unsustainable Processes: Medium-Term Prospects and Policies for the United States and the World.” In The Stock-Flow Consistent Approach: Selected Writings of Wynne Godley, 216–254. London: Palgrave Macmillan UK.
   Google Scholar
• Godley, W., and M. Lavoie. 2006. “A Simple Model of Three Economies with Two Currencies: The Eurozone and the USA.” Cambridge Journal of Economics 31 (1): 1–23. https://doi.org/10.1093/cje/bel010
   Web of Science ®Google Scholar
• Godley, W., and M. Lavoie. 2007. Monetary Economics. Basingstoke: Palgrave MacMillan.
   Google Scholar
• Lavoie, M. 2003. “A Fully Coherent Post-Keynesian Model of the Euro Zone.” In Globalisation, Regionalism, and Economic Activity, edited by P. Arestis, M. Baddeley, and J. McCombie. Cheltenham: Edward Elgar.
   Google Scholar
• Lavoie, M., and J. Zhao. 2009. “A Study of the Diversification of China’s Foreign Reserves in a Three-Country Stock-Flow Consistent Model.” Metroeconomica 61 (3): 558–592. https://doi.org/10.1111/j.1467-999X.2009.04082.x
   Web of Science ®Google Scholar
• Le Bayon, S., M. Plane, C. Rifflart, and R. Sampognaro. 2014. “La Dévaluation Par Les Salaires Dans la Zone Euro: Un Ajustement Perdant-Perdant.” Revue De l’OFCE 136 (5): 255–234. https://doi.org/10.3917/reof.136.0255
   Google Scholar
• Mazier, J., J. Oudinet, and S. Saglio. 2002. “La Flexibilité Des Prix Relatifs Et la Mobilité du Travail En Union Monétaire. Une Comparaison Europe/États-Unis.” Revue De l’OFCE 83 (4): 325–388. https://doi.org/10.3917/reof.083.0325
   Google Scholar
• Mazier, J., and G. Tiou-Tagba Aliti. 2012. “World Imbalances and Macroeconomic Adjustments: A Three-Country Stock-Flow Consistent Model with Fixed or Flexible Prices.” Metroeconomica 63 (2): 358–388. https://doi.org/10.1111/j.1467-999X.2011.04141.x
   Web of Science ®Google Scholar
• Mazier, J., and S. Valdecantos. 2015. “A Multi-Speed Europe: Is It Viable? A Stock-Flow Consistent Approach.” European Journal of Economics and Economic Policies: Intervention 12 (1): 93–112. https://doi.org/10.4337/ejeep.2015.01.08
   Google Scholar
• Moschovis, G., and M. C. Servera. 2009. “External Imbalances of the Greek Economy: The Role of Fiscal and Structural Policies.” ECFIN Country Focus 6 (6): 1–6.
   Google Scholar
• Nair, N. 2023. “When Minsky and Godley Met Structuralism: A Stock-Flow Consistent Approach to the Currency Hierarchy.” The Levy Economics Institute Working Paper 1024.
   Google Scholar
• Odendahl, C. 2017. The Hartz Myth: A Closer Look at Germany’s Labour Market Reforms. Centre for European reforms.
   Google Scholar
• Sinn, H.‐W. 2014. “Austerity, Growth and Inflation: Remarks on the Eurozone’s Unresolved Competitiveness Problem.” The World Economy 37 (1): 1–13. https://doi.org/10.1111/twec.12130
   Web of Science ®Google Scholar
• Stockhammer, E. 2011. “Peripheral Europe’s Debt and German Wages: The Role of Wage Policy in the Euro Area.” Research on Money and Finance, Discussion Paper n°29.
   Google Scholar
• Storm, S., and C. W. M. Naastepad. 2012. Macroeconomics beyond the NAIRU. Cambridge, MA: Harvard University Press.
   Google Scholar
• Storm, S., and C. W. M. Naastepad. 2015. “Europe’s Hunger Games: Income Distribution, Cost Competitiveness and Crisis.” Cambridge Journal of Economics 39 (3): 959–986. https://doi.org/10.1093/cje/beu037
   Web of Science ®Google Scholar
• Storm, S., and C. W. M. Naastepad. 2016. “Myths, Mix-Ups, and Mishandlings: Understanding the Eurozone Crisis.” International Journal of Political Economy 45 (1): 46–71. https://doi.org/10.1080/08911916.2016.1159084
   Web of Science ®Google Scholar
• Storm, S. 2016. “German Wage Moderation and the Eurozone Crisis: A Critical Analysis.” Institute for New Economic Thinking, January 8.
   Google Scholar
• Trichet, J.-C. 2011. “Competitiveness and the Smooth Functioning of EMU.” Speech by the President of the European Central Bank at the University of Liège. Paris, February 23.
   Google Scholar
• Valdecantos, S., and G. Zezza. 2015. “Reforming the International Monetary System: A Stock-Flow-Consistent Approach.” Journal of Post Keynesian Economics 38 (2): 167–191. https://doi.org/10.1080/01603477.2015.1065679
   Web of Science ®Google Scholar
• Williamson, J. 1994. Estimating Equilibrium Exchange Rates. Washington: Peterson Institute for International Economics.
   Google Scholar
• Wren-Lewis, S. 2014. “The Untold Story of the Eurozone Crisis”. Blog Mainly Macro.
   Google Scholar
• Wren-Lewis, S. 2015. “Was German Undercutting Deliberate?” Social Europe, December 4.
   Google Scholar
• Wren-Lewis, S. 2016. “German Exports and the Eurozone Crisis.” Social Europe, January 24.
   Google Scholar
• Zemanek, H., A. Belke, and G. Schnabl. 2010. “Current account Balances and Structural Adjustment in the Euro Area.” Ruhr Economic Papers 176.
   Google Scholar