German macro: how it's different and why that matters. EPC Discussion Paper, May 2016

Do the macroeconomics of the German political establishment really differ from standard western macroeconomics? That question was the starting point for the seminar on ‘German macro: How it’s Different and Why that Matters’, which was held at Heriot-Watt University in December 2015, with financial support from the Scottish Institute for Research in Economics (SIRE) and the Money, Macro & Finance Research Group (MMF). This ebook, edited by George Bratsiotis and David Cobham, is the result of that exercise; six of the papers were presented at the seminar in earlier versions, and the editors sought some additional papers to complete the range of perspectives offered. The authors all sought out to discover whether or not there is something unique about German macroeconomics, and in what ways it differs from standard western macroeconomics; is it true that the former neglects demand management (although it may be quite interventionist in other ways), rejects debt relief and emphasises structural reform designed to improve competitiveness as the (only) key to economic growth? How much of whatever difference exists is due to a well worked out set of ideas in the form of Ordoliberalism? In what way does it relate to Germany’s own experiences in different periods? And how far is this the result of political preferences and how much do the idiosyncrasies of these German views matter, for the development of the Eurozone and indeed the health of the German economy?

Hangsterfer Block in 1862 or 1867 at 316 South State St., Ann Arbor, Mich.

Former site of Kresge's. Source: Ray Hutzel

Harriet Holman

On verso: Harriet Amanda Holman, B.A. Flint, Mich. Ornate stamp on verso: Bigelow Photographer. No. 244 Woodward Avenue. Detroit, Mich.

Boulder at northwestern corner of campus placed by Class of 1862

On verso of second copy of same print: Memorial of the Class of 1862. Placed on n.w. corner of campus in 1860. Removed in summer of 1969.

Boulder, class of 1862

Old law building in background