Publications

50 publications found, searching for 'Philip Arestis '

• Working Paper No. 371
  February 01, 2003

  Credibility of Monetary Policy in Four Accession Countries

  Philip Arestis and Kostas Mouratidis
  Abstract

  The aim of this study is to estimate the credibility of monetary policy in four accession countries (the Czech Republic, Hungary, Poland, and the Slovak Republic), based on the Markov…more

  Download Working Paper No. 371 PDF (88.14 KB)
• Public Policy Brief No. 71
  January 04, 2003

  Can Monetary Policy Affect the Real Economy?

  Philip Arestis and Malcolm Sawyer
  Abstract

  Central bankers and many economists have abandoned “activist” policies and monetarism and adopted in their place a new view of the role of monetary policy. This view draws on many…more

  Download Public Policy Brief No. 71, 2003 PDF (141.92 KB)
• Working Paper No. 368
  January 01, 2003

  How Far Can US Equity Prices Fall under Asset and Debt Deflation

  Philip Arestis and Elias Karakitsos
  Abstract

  Equity prices have been falling since March 2000. How far can they fall before they reach bottom? The current bear market differs from the mid-1970s plunge in equity prices in…more

  Download Working Paper No. 368 PDF (178.32 KB)
• Working Paper No. 369
  January 01, 2003

  On the Effectiveness of Monetary Policy and Fiscal Policy

  Philip Arestis and Malcolm Sawyer
  Abstract

  Within the framework of macroeconomic policy and theory over the past 20 years or so, a major shift has occurred regarding the relative importance given of monetary policy versus fiscal…more

  Download Working Paper No. 369 PDF (217.89 KB)
• Working Paper No. 370
  January 01, 2003

  Testing for Financial Contagion between Developed and Emerging Markets during the 1997 East Asian Crisis

  Philip Arestis, Guglielmo Maria Caporale, and Andrea Cipollini
  Abstract

  This paper examines whether, during the 1997 East Asian crisis, there was any contagion from the four largest economies in the region (Thailand, Indonesia, Korea, and Malaysia) to a number…more

  Download Working Paper No. 370 PDF (310.28 KB)
• Working Paper No. 364
  December 01, 2002

  “New Consensus,” New Keynesianism, and the Economics of the “Third Way”

  Philip Arestis and Malcolm Sawyer
  Abstract

  In this paper we seek first to set out the economic analysis that underpins the ideas of what has been termed the “third way.” The explicit mention of the “third…more

  Download Working Paper No. 364 PDF (182.11 KB)
• Working Paper No. 363
  December 01, 2002

  Does the Stock of Money Have Any Causal Significance?

  Philip Arestis and Malcolm Sawyer
  Abstract

  Recent developments in macroeconomics, and in economic policy in general, have produced a “new consensus” economy-wide model. In this model, the stock of money does not play any causal role,…more

  Download Working Paper No. 363 PDF (204.35 KB)
• Working Paper No. 362
  November 01, 2002

  Financial Policies and the Aggregate Productivity of the Capital Stock

  Philip Arestis, Panicos Demetriades, and Bassam Fattouh
  Abstract

  We collect data on a number of financial restraints, including restrictions on interest rates and capital flows and reserve and liquidity requirements, and capital adequacy requirements from central banks of…more

  Download Working Paper No. 362 PDF (433.59 KB)
• Working Paper No. 361
  November 01, 2002

  Credibility of EMS Interest Rate Policies

  Philip Arestis and Kostas Mouratidis
  Abstract

  The primary objective of this paper is to use the Markov regime-switching modeling framework to study the credibility of monetary policy in five member countries of the European Monetary System…more

  Download Working Paper No. 361 PDF (412.13 KB)
• Working Paper No. 357
  October 01, 2002

  The Euro, Public Expenditure, and Taxation

  Philip Arestis and Malcolm Sawyer
  Abstract

  This paper explores the probable consequences for public expenditure in the United Kingdom if Britain were to join the euro. It focuses on the effects of sterling joining the euro…more

  Download Working Paper No. 357 PDF (88.70 KB)
• Working Paper No. 360
  October 01, 2002

  Financial Globalization

  Philip Arestis and Santonu Basu
  Abstract

  In recent years free movement of financial capital following financial liberalization has given the impression that financial markets are truly globalized. In this paper we argue that free movement of…more

  Download Working Paper No. 360 PDF (35.75 KB)
• Working Paper No. 359
  October 01, 2002

  Is There a Trade-Off between Inflation Variability and Output-gap Variability in the EMU Countries?

  Kostas Mouratidis and Philip Arestis
  Abstract

  This paper examines two issues. First, we compare, based on the ratio of output-gap variability to inflation variability, the monetary policy performance of eleven EMU countries for the whole period…more

  Download Working Paper No. 359 PDF (201.52 KB)
• Working Paper No. 358
  October 01, 2002

  Threshold Effects in the US Budget Deficit

  Philip Arestis, Andrea Cipollini, and Bassam Fattouh
  Abstract

  This paper contributes to the debate on whether the United States’ large federal budget deficits are sustainable in the long run. The authors model the government deficit per capita as…more

  Download Working Paper No. 358 PDF (108.99 KB)
• Working Paper No. 355
  October 01, 2002

  Can Monetary Policy Affect the Real Economy?

  Philip Arestis and Malcolm Sawyer
  Abstract

  Current monetary policy involves the manipulation of the central bank interest rate (the repo rate), with the specific objective of achieving the goal(s) of monetary policy. The latter is normally…more

  Download Working Paper No. 355 PDF (119.43 KB)
• Working Paper No. 352
  September 01, 2002

  Critical Realism and the Political Economy of the Euro

  Philip Arestis, Andrew Brown, and Malcolm Sawyer
  Abstract

  This paper is concerned with two issues. First, it discusses some of the main problems and inferences the methodological approach of critical realism raises for empirical work in economics, while…more

  Download Working Paper No. 352 PDF (201.72 KB)
• Working Paper No. 345
  May 01, 2002

  The “Third Way” and the Challenges to Economic and Monetary Union Macropolicies

  Philip Arestis and Malcolm Sawyer
  Abstract

  In the United Kingdom the emergence of a “New Labour” has been closely associated with the development of the notion of the “third way.” Tony Blair, for example, stated that…more

  Download Working Paper No. 345 PDF (81.93 KB)
• Policy Note No. 3
  March 01, 2002

  European Integration and the “Euro Project”

  Philip Arestis and Malcolm Sawyer
  Abstract

  The introduction of the euro has been a significant step in the integration of the economies of the countries that form the European Union (EU) and the 12 countries that…more

  Download Policy Note 2002/3 PDF (60.53 KB)
• Public Policy Brief No. 63
  March 01, 2001

  The Future of the Euro

  Philip Arestis, Kevin McCauley, and Malcolm Sawyer
  Abstract

  This brief provides a detailed description of the Stability and Growth Pact, an agreement entered into by the member states of the European Union that has far-reaching implications for the…more

  Download Public Policy Brief No. 63, 2001 PDF (142.45 KB)
• Working Paper No. 322
  March 01, 2001

  Will the Euro Bring Economic Crisis to Europe?

  Philip Arestis and Malcolm Sawyer
  Abstract

  It has been argued that the eurozone will face considerable economic difficulties. These will take a number of forms, two of which could qualify as “crises.” First, the euro was…more

  Download Working Paper No. 322 PDF (65.54 KB)
• Working Paper No. 324
  March 01, 2001

  The Causes of Euro Instability

  Philip Arestis, Andrew Brown, Iris Biefang-Frisanch Mariscal, and Malcolm Sawyer
  Abstract

  This paper examines the causes of the general decline in the value of the euro. First, it assesses the various explanations proffered in existing literature, and then it offers a…more

  Download Working Paper No. 324 PDF (1.07 MB)
• Working Paper No. 296
  March 01, 2000

  An Alternative Stability Pact for the European Union

  Philip Arestis, Kevin McCauley, and Malcolm Sawyer
  Abstract

  This paper proposes an alternative stability and growth pact among European Union (EU) governments that would underpin the introduction of a single currency and a “single market” within the EU….more

  Download Working Paper No. 296 PDF (47.78 KB)
• Working Paper No. 282
  October 01, 1999

  The Economic and Monetary Union

  Philip Arestis and Malcolm Sawyer
  Abstract

  The euro was adopted as legal tender, albeit in a virtual form, by 11 countries of the European Union on January 1, 1999. The intention was that notes and coins…more

  Download Working Paper No. 282 PDF (78.87 KB)
• Working Paper No. 274
  July 01, 1999

  The Independent European Central Bank

  Philip Arestis
  Abstract

  In this paper, Visiting Senior Scholar Philip Arestis questions the assumptions underlying the economic case for the independent European Central Bank (ECB). Arestis argues that although a European Clearing Agency…more

  Download Working Paper No. 274 PDF (60.86 KB)
• Working Paper No. 263
  February 01, 1999

  From Common Market to EMU

  Philip Arestis, Kevin McCauley, and Malcolm Sawyer
  Abstract

  This paper traces the history and the institutional background of European integration to the establishment of the economic and monetary union in the European Union (EU). After the establishment of…more

  Download Working Paper No. 263 PDF (88.16 KB)