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This paper analyzes the impact of economic ideas on political processes and decision-making by focusing on the role and impact of the European Commission's "potential output model". The potential output model represents a core pillar in European fiscal policy coordination, that is, in executing the Stability and Growth Pact as it provides estimates for the "structural deficits" used to evaluate member states' fiscal effort. Our analysis builds on a historical and technical contextualization of the model's origin and content, which is complemented by a case study database including policy documents, public speeches and interviews with high-level practitioners in the respective field. We document that the potential output model has a significant imprint on political processes and outcomes: first, it manufactures legitimacy in contested policy-area. Second, it maps paradigmatic priors into specific and executable programs, thereby reducing the general scope in debates on economic policy. Finally, the model's main concepts and routines are embedded in a corresponding narrative, which is used to communicate the model's implications to a broader audience.

Dieser Beitrag interessiert sich fuer die Entwicklung der Verteilung und das Potential der Besteuerung von Vermoegen und diskutiert diese Fragen mit Rueckgriff auf neuere Forschungsergebnisse. Dabei wird das gesellschaftspolitische Potential einer direkten Vermoegensbesteuerung vor dem Hintergrund steigender Vermoegensungleichheit ebenso diskutiert wie die zu erwartenden Aufkommen einer solchen direkten Vermoegensbesteuerung. Die Berechnung des Aufkommenspotentials erfolgt dabei anhand von verschiedenen hypothetischen Steuermodellen. In einem zweiten Schritt werden diese Ergebnisse mit den tatsaechlichen Tendenzen der Vermoegensbesteuerung innerhalb der OECD Laender kontrastiert. Hier zeigt sich, dass der Beitrag von vermoegensbezogenen Steuern (=Summe von Grund-, Erbschafts-, Schenkungs- und Nettovermoegenssteuern) am gesamten Steueraufkommen ueber die letzten Jahrzehnte zurueckgeht und in den meisten Laendern eher niedrig ausfaellt. Eine moegliche Erklaerung hierfuer liegt im auch steuerpolitisch gefuehrten Standortwettbewerb. Bemerkenswert ist dabei vor allem die Sonderrolle der Schweiz und Luxemburg, die im Vergleich zum OECD Durchschnitt um ein vielfaches hoeheres Aufkommen (relativ zum BIP) aus direkter Vermoegensbesteuerung lukrieren koennen.

This paper analyzes the determinants of the European Commission's NAIRU estimates for 14 European OECD countries during 1985-2012. The NAIRU is a poor proxy for 'structural unemployment': Labor market institutions - employment protection legislation, union density, tax wedge, minimum wages - underperform in explaining the NAIRU, while cyclical variables - capital accumulation and boom - bust patterns in housing markets - play an important role. This is relevant since the NAIRU is used to compute potential output and structural budget balances and, hence, has a direct impact on the scope and evaluation of fiscal policy in EU countries.

This paper addresses the issue of unanticipated incentives and related unintended consequences of monocular accounting as practiced in the context of the European Union's stability and growth pact. Specifically, the Maastricht treaty establishes criteria and rules to ensure budgetary discipline by regulating public debt without taking into account corresponding public assets. In a comparative empirical study of two political reactions to the Maastricht treaty we find that the latter imposes an ambivalent incentive structure, which produces unintended consequences in cases of rule-following as well as in cases of rule-evasion. In effect, monocular accounting fosters privatization and a reduction in public engagement in the case of rule-following as well as creative accounting practices and changes of public policy goals in the case of rule-evasion.

Unfettered market forces tend to violate basic universal concepts like justice, dignity or fairness. Therefore we suggest moving to a new concept of markets, which we label 'civilized markets'. A civilized market tries to ensure that free entrepreneurship and open markets are eventually compatible to these basic and universal values that also serve as moral cornerstones of the European project. We propose to establish a new European institution that should set and enforce minimum standards for goods sold on the European market in order to accomplish what we call a 'civilized market'.

This paper analyzes the dynamics of structural polarization and macroeconomic divergenceinthecontextofEuropeanintegration,wherethelatterisprimarilyunderstood as an increase in economic and financial openness. In the process of estimating the dynamic effects of such an openness shock on 26 EU countries, we develop a taxonomy of European economies that consists of four groups: core, periphery, and catching-upcountriesinEasternEuropeaswellasfinancialhubs.Weshowthatthese four country groups have responded in a distinct way to the openness shock imposed by European integration and argue that the latter should be seen as an evolutionary process that has given rise to different path-dependent developmental trajectories. These trajectories are linked to the sectoral development of European economies and the evolution of their technological capabilities. We propose a set of interrelated policy measures to counteract structural polarization and to promote macroeconomic convergence in Europe. ; Refereed/Peer-reviewed ; (VLID)4898433 ; Version of record

This paper analyzes the dynamics of structural polarization and macroeconomic divergence in the context of European integration, where the latter is understood primarily as an increase in economic and financial openness. In the process of estimating the dynamic effects of such an openness shock on 26 EU countries, we develop a taxonomy of European economies that consists of core, periphery and catching-up countries, as well as financial hubs. We show that these four country groups have responded in a distinct way to the openness shock imposed by European integration and argue that the latter should be seen as an evolutionary process that has given rise to different path-dependent developmental trajectories. These trajectories relate to the sectoral development of European economies and the evolution of their technological capabilities. We propose a set of interrelated policy measures to counteract structural polarization and to promote macroeconomic convergence in Europe.

This paper analyzes the dynamics of structural polarization and macroeconomic convergence vs. divergence in the context of European integration, where the latter is understood primarily as an increase in economic and financial openness. In the process of estimating the dynamic effects of openness shocks on 26 EU countries, we develop a taxonomy of European economies that consists of core, periphery, financialized and Eastern European catch-up economies. As these four country groups have responded in a distinct way to the openness shocks imposed by European integration, we argue that the latter should be seen as an evolutionary process that has given rise to different path-dependent developmental trajectories. These trajectories relate to the sectoral development of European economies and the evolution of their technological capabilities. We propose a set of interrelated policy measures to counteract structural polarization and to promote macroeconomic convergence in Europe.

This paper analyzes the dynamics of structural polarization and macroeconomic convergence vs. divergence in the context of European integration, where the latter is understood primarily as an increase in economic and financial openness. In the process of estimating the dynamic effects of openness shocks on 26 EU countries, we develop a taxonomy of European economies that consists of core, periphery, financialized and Eastern European catch-up economies. As these four country groups have responded in a distinct way to the openness shocks imposed by European integration, we argue that the latter should be seen as an evolutionary process that has given rise to different path-dependent developmental trajectories. These trajectories relate to the sectoral development of European economies and the evolution of their technological capabilities. We propose a set of interrelated policy measures to counteract structural polarization and to promote macroeconomic convergence in Europe.

Assessing Path Dependency in European Economic Integration This paper analyses the dynamics of structural polarisation and macroeconomic convergence vs. divergence in the context of European integration, where the latter is understood primarily as an increase in economic and financial openness. In the process of estimating the dynamic effects of openness shocks on 26 EU countries, we develop a taxonomy of European economies that consists of core, periphery, financialised and Eastern European catch-up economies. As these four country groups have responded in a distinct way to the openness shocks imposed by European integration, we argue that the latter should be seen as an evolutionary process that has given rise to different path-dependent developmental trajectories. These trajectories relate to the sectoral development of European economies and the evolution of their technological capabilities. We propose a set of interrelated policy measures to counteract structural polarisation and to promote macroeconomic convergence in Europe.

This paper analyzes the dynamics of structural polarization and macroeconomic divergence in the context of European integration, where the latter is understood primarily as an increase in economic and financial openness. In the process of estimating the dynamic effects of such an openness shock on 26 EU countries, we develop a taxonomy of European economies that consists of core, periphery and catching-up countries, as well as financial hubs. We show that these four country groups have responded in a distinct way to the openness shock imposed by European integration and argue that the latter should be seen as an evolutionary process that has given rise to different path-dependent developmental trajectories. These trajectories relate to the sectoral development of European economies and the evolution of their technological capabilities. We propose a set of interrelated policy measures to counteract structural polarization and to promote macroeconomic convergence in Europe.

Inhalt dieser Studie ist eine vergleichende Bestandsaufnahme des aktuellen Profils sowie zukünftiger Entwicklungstendenzen der Volkswirtschaftslehre in Deutschland und den USA vor dem Hintergrund der Frage nach einem deutschen Sonderweg in der Ökonomie. Mittels einer indikatorbasierten Typologisierung wurden die derzeit in den beiden Ländern wirkenden Universitätsprofessor_innen im Hinblick auf ihre thematischen und inhaltlichen Forschungsschwerpunkte sowie ihre akademischen und außeruniversitären Mitgliedschaften in wirtschaftspolitischen Institutionen und Think Tanks untersucht. Während das Forschungsprofil in beiden Ländern weitgehend homogenisiert ist, wurden v.a. auf der Ebene des wirtschaftspolitischen Wirkungsspektrums länderspezifische Unterschiede identifiziert, die auf einen deutschen Sonderweg in der Wirtschaftspolitik hinweisen. ; The central subject of this study is a comparative analysis of the current state as well as development trends in German and US economics, to check the thesis of a German special path. Therefore we conducted an empirical analysis of full professors of economics in the countries chosen. The main focus of our analysis is on their publications in economic journals (research profile) as well as on their scientific and political connections (policy making). The data collection was realized through a multilevel survey, which consists of qualitative and quantitative variables. A main result of the study is that while the research profile (e.g. the paradigmatic orientation) of economists in the two countries is fairly similar, differences potentially indicating a special path of German economics can be found on the level of politico-economic networks in economic policy advice.

In the aftermath of the Great Recession governments have implemented several policy measures to counteract the collapse of the financial sector and the downswing of the real economy. Within a framework of Minsky-Veblen cycles, where relative consumption concerns, a debt-led growth regime and financial sector confidence constitute the main causes of economic fluctuations, we use computer simulations to assess the effectiveness of such measures. We find that the considered policy measures help to mitigate the impact of financial crises, though they do so at the cost of shortening the time between the initial financial crisis and the next. This result is due to an increase in solvency and confidence induced by the policy-measures under study, which contribute to an increase in private credit and, thereby, increases effective demand. Our results suggest that without a strengthening of financial regulation any policy intervention remains incomplete.