The on-going weakness in the euro zone - the inflation rate is just 0.1% - and the stalling of the world economy - the IMF just adjusted its forecast for global growth downwards - are clear signs that "the crisis" is not over. Fresh perspectives are needed on the issues of the open economy and inequality. Stefan Angrick (Public Policy Program at the National Graduate Institute for Policy Studies (GRIPS), Tokyo) will show us why countries that export more than they import do not experience the equilibrating increase in the price level that Ricardo once described. The answer rests in the balance sheet of the central banks. Angrick examines some cases in Asia and concludes that the Mundell-Fleming trilemma does not hold. Instead, the compensation thesis provides a satisfying answer. Daniel Detzer (Berlin School of Economics and Law) will deliver a theoretical perspective on the influence of inequality on economic growth. He will use a stock-flow consistent model, which is a state-of-the-art macroeconomic accounting framework, to examine the consequences of different policy and parameter changes.
Stefan Angrick is a PhD candidate in the Public Policy Program at the National Graduate Institute for Policy Studies (GRIPS), Tokyo, where he does research on East Asian central banking, regional monetary cooperation and currency internationalisation.
Daniel Detzer is a FESSUD Research Fellow at the Department of Business and Economics of the Berlin School of Economics and Law; his research fields include banking and financial systems, financial crises, financial regulation, macroeconomics and European imbalances.
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