Macroeconomic Theories and Policies for the 1990s A Scandinavian Per
The authors of this book argue that the "Scandinavian Model" could be a starting point for a more relevant theory of macroeconomics. The importance of macro dynamics is also stressed for the understanding of inflation, growth and distribution.
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Macroeconomic Theories and Policies for the 1990s A Scandinavian Perspective Bruno Amoroso Associate Professor of Economic Policy Institute of Economics and Planning Roskilde University, Denmark
and
J esper Jespersen Associate Professor of Economics Institute of Economics and Planning Roskilde University, Denmark
Palgrave Macmillan
ISBN 978-1-349-11641-6 ISBN 978-1-349-11639-3 (eBook) DOI 10.1007/978-1-349-11639-3
© Bruno Amoroso and Jesper Jespersen 1992 Softcover reprint of the hardcover 1st edition 1992 All rights reserved. For information, write: Scholarly and Reference Division, St. Martin's Press, Inc., 175 Fifth Avenue, New York, N.Y. 10010 First published in the United States of America in 1992
ISBN 978-0-312-06865-3 Library of Congress Cataloging-in-Publication Data Macroeconomic theories and policies for the 1990s : a Scandinavian perspective I [edited by] Bruno Amoroso and Jesper Jespersen. p. cm. "Outcome of a workshop held at Roskilde University Centre, Denmark, 22-24 May 1989"-Pref. Includes index.
ISBN 978-0-312-06865-3 I. Scandinavian-Economic policy-Congresses. 2. Scandinavia-Economic conditions-Congresses. I. Amoroso, Bruno. II. Jespersen, Jesper, 1948HC245.M34 1992 339.5'0948-dc20 91-29432 CIP
Contents List of Figures and Tables
VI
Preface
VII
Notes on the Contributors
ix
Introduction
xi
PART ONE: MACROECONOMIC THEORY
1
1
Theoretical Perspectives for the 1990s Bjorn Thalberg
3
2
The Limits to Demand Management in Small and Open Economies Torben M. Andersen
19
3
Inflation, Unemployment and the Distribution of Income Peter Skott
36
4
The Economic Consequences of Debt-Deflation Henrik Lando
53
PART TWO: MACROECONOMIC POLICY 5
The 'Scandinavian Model' - Past and Present Jesper Jespersen
6
Competition, Cooperation and the Social Dimension: Reviewing the 1992 Proposals Stuart Holland
7
8
9
73 75
90
European Integration - Prospects and Challenge to the 'Scandinavian Model' John Storm Pedersen
105
Is the 'Scandinavian Model' an Alternative to Communism in Eastern Europe? Bruno Amoroso
117
Macroeconomics for Developing Countries: what have we learnt? Knud Erik Svendsen
141
Index
v
154
List of Figures and Tables Figures
Figure 1.1 Labour market disequilibrium
5
Figure 2.1 The asymmetric Nash-Bargaining model effects of increased bargaining power to employers
25
Figure 2.2 Aggregate demand and supply in case of centralized wage bargaining
29
Figure 3.1 Unemployment, strike activity and wage inflation in the DEeD, 1948-87
37
Figure 3.2 Unemployment and wage inflation in Denmark and Sweden, 1948-87
45
Figure 3.3 (a) Phase diagram for the dynamic system; (b) Predicted time path of militancy and unemployment,l-v(t)
48
Figure 4.1 Inflation in rational expectations equilibrium
64
Figure 4.2 Inflation in rational expectations equilibrium
64
Figure 5.1 Gross domestic product (1968 = 100)
76
Figure 5.2 Labour market adjustment
80
Figure 5.3 Wage costs and profits in Swedish industry
83
Figure 9.1 External finance and development
150
Tables
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