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Jörg Bibow

Articles by Jörg Bibow

Was kann die Geldpolitik?

6 days ago

Eine Zentralbank, heißt es, solle „unabhängig“ sein – eine „Vierte Gewalt“ im Staat. Doch Unabhängigkeit ist weder Garant für Kompetenz noch für politische Neutralität. Mangelnde demokratische Kontrolle erhöht sogar das Risiko geldpolitischer Verfehlungen. Der Artikel Was kann die Geldpolitik? erschien zuerst auf MAKROSKOP.

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Amerika probt schon mal die Wiedereröffnung der Wirtschaft

25 days ago

Charakter und Ausmaß der Krise werden von vielen noch immer nicht gewürdigt. dDoch schon macht sich Ungeduld breit. Als sei staatliche Willkür und nicht die tobende Pandemie an der Krise schuld, mehren sich im Namen der Freiheit Proteste gegen die Ausgangssperre. Der Artikel Amerika probt schon mal die Wiedereröffnung der Wirtschaft erschien zuerst auf MAKROSKOP.

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US-Konjunktur und Amerika im Zeichen der Corona-Krise – 2

April 13, 2020

Inzwischen ist klar, dass Amerika – mit New York City in der Startposition – sowohl eine verheerende Krankenhauskrise mit vielen Opfern als auch ein weitreichender Stillstand der Wirtschaft bevorstehen. Der Artikel US-Konjunktur und Amerika im Zeichen der Corona-Krise – 2 erschien zuerst auf MAKROSKOP.

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US-Konjunktur und Amerika im Zeichen der Corona-Krise – 1

April 6, 2020

Bis in den Februar hinein gestaltete sich die Arbeitsmarktverfassung der USA sehr positiv. Doch was dabei verborgen bleibt, ist die immer krassere Ungleichheit in der amerikanischen Gesellschaft. Der Artikel US-Konjunktur und Amerika im Zeichen der Corona-Krise – 1 erschien zuerst auf MAKROSKOP.

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Big Guns Shooting Holes in the Sky

March 12, 2019

The New Keynesian monetary mainstream has brought out the big guns. Paul Krugman, Kenneth Rogoff, and Larry Summers have come out to shoot down the rising star known as “MMT,” which stands for Modern Monetary Theory. For a while, it was academically convenient to withhold paying any public attention that could foster competition in the field. Like other non-mainstream ideas in economics, MMT was simply ignored by our star mainstream economists, who are always ready and keen to lend their wisdom and advice for public action. Now that MMT has reached the public debate through arousing interest among powerful public voices, fostering political debate about available policy options, protecting the mainstream monopoly of opinion has prompted them to take aim at MMT.
The key issues in the

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On Modern Monetary Theory and Some Odd Twists and Turns in the Evolution of Macroeconomics

October 16, 2018

Mainstream neoclassical economics is hooked on the idea of individual worker-savers as prime movers in capitalist market economies. As workers, individuals choose how much to work, determining the economy’s output; as savers, they determine how much of that output takes the shape of the economy’s capital investment. With banks as conduits channeling saving flows into investment, firms churn inputs into outputs that match worker-savers’ tastes. In this way, the neoclassical world gets shaped by what rational intertemporal utility-maximizing worker-savers wish it to be.
In its most fanciful version – erected on supposedly sound micro foundations and known as “real business cycle theory” (RBC) – the neoclassical fantasy world of intertemporally optimizing worker-savers is subject to

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IMF Provides Cover for Europe’s Dysfunctional Currency Union

September 20, 2017

The Council on Foreign Relations’ Brad W. Setser has produced a couple of interesting blogposts on Germany’s fiscal policies of late. The first one, titled “Germany Cannot Quit Fiscal Consolidation,” was published at the end of August. On September 18th, the second one appeared, titled “The Global Cost of the Eurozone’s 2012 Fiscal Coordination Failure.”
The latter is more limited in scope and draws heavily on a recent report by the Banque de France. Setser elaborates on the rather obvious point that the eurozone’s attempt at fiscal austerity in the years 2011–13, when the currency union experienced the second leg of its double-dip recession, was counterproductively harsh:
The consolidation observed between 2011 and 2013, based on the overall change in the primary structural balance

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The “German Problem” Is Not a Problem for Anyone to Worry About. Or Is It?

July 19, 2017

It took a very long time. Too long. But just in time for the recent G20 meeting in Hamburg on July 7-8, The Economist’s cover page story featured Germany’s persistent current account surpluses as the world community’ new “German problem”; supposedly an issue of foremost interest to the G20. In fact, Germany has run up current account surpluses exceeding 4 percent of GDP in each and every year since 2004. For the last couple of years Germany’s surpluses even exceeded 8 percent of GDP. Running at over 250 billion euros annually, Germany is the world champion in what is often portrayed as a global competition by the German media and body politic, and not without pride. At close to 300 billion US dollars last year, China’s surplus of 200 billion dollars only came in as a distant second.

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Why Macron Should Not (and Cannot) Follow the German Model

June 2, 2017

Jörg Bibow | June 2, 2017

The Economist‘s analysis of Germany’s job market miracle of the past ten years offered in “What the German economic model can teach Emmanuel Macron” is more balanced than the usual accounts one hears in Germany itself. Germans are in love with the idea that structural reform of their labor market and persistent budgetary austerity were solely responsible for the German economy’s superior performance in recent years. The Economist highlights that Germany was fortunate enough to embark on its route for national salvation – the decisive lowering of its labor costs relative to its European partners – at a time when the world economy and global trade were booming, when China was craving German capital

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