Reto Foellmi

Josef Zweimüller

Giuseppe Bertola

Professor of Economic Policy Faculty of Political Science Giuseppe Bertola

This book looks at the distribution of income and wealth and the effects that this has on the macroeconomy, and vice versa. Is a more equal distribution of income beneficial or harmful for macroeconomic growth, and how does the distribution of wealth evolve in a market economy? Taking stock of results and methods developed in the context of the 1990s revival of growth theory, the authors focus on capital accumulation and long-run growth. They show how rigorous, optimization-based technical tools can be applied, beyond the representative-agent framework of analysis, to account for realistic market imperfections and for political-economic interactions. The treatment is thorough, yet accessible to students and nonspecialist economists, and it offers specialist readers a wide-ranging and innovative treatment of an increasingly important research field. The book follows a single analytical thread through a series of different growth models, allowing readers to appreciate their structure and crucial assumptions. This is particularly useful at a time when the literature on income distribution and growth has developed quickly and in several different directions, becoming difficult to overview.

Income Distribution in Macroeconomic Models

Simon Glendinning

Giancarlo Casale

Ayhan Kaya

Thomas Diez

Alex Vines

Stewart Fleming

Knud Erik Jørgensen

Ulrich Kühn

Mensur Akgün

Ahmet Cemal Ertürk

Tefta Kelmendi

Johanna Ketola

Bradley Reynolds

Ville Sinkkonen

Mehmet Bardakçı

Nuno Wahnon Martins

The publication of this issue on Future for Europe marks a new milestone for TPQ. The journal was founded in 2002 and we celebrated its 20th anniversary with the last issue on Artificial Intelligence and Democratic Values. Among many academics and AI policy professionals, it was considered a landmark publication. Turkish Policy Quarterly (TPQ) now has a new identity as Transatlantic Policy Quarterly (TPQ). Our plans to move with this name have been ongoing for a while. The success of the last issue was a perfect illustration of the necessity of this change. TPQ's editorial and curatorial policies have and will continue to reflect a global perspective without sacrificing its roots. This means we will extend our coverage beyond what we currently offer. In the wake of the Russian incursion into the Ukraine, European soil has seen a return of tragedy. As memories of the Second World War on the continent have receded, it has been argued that the European project has lost appeal over the past few decades. This is no longer the case. The war has also exposed the EU's deficiencies and highlighted the fact that it must be reformed to fulfill the needs of the twenty-first century. The Covid-19 pandemic is also one of the most significant events in our lifetime, and it has radically altered the way Europeans perceive their own societies and the world in general. Nonetheless, one of the most important lessons we can learn from these tragic events is that we must show a strong, constant, and united capability to deter and confront acts of violence. Professor Thomas Diez writes that the war in Ukraine fundamentally challenges the post-Cold War international order. In that regard, he believes that alternative visions of a European order should be developed to counter the scenario of a renewed Cold War. The author reassesses the concepts of interdependence, socialization, normative power, and international society in his contribution to uncover some general lessons for the European order, as well as provide concrete suggestions for alternative policy strategies. As he points out, such an order would require more honest engagement, a system of great power management with social links, and a creative approach to thinking about joint institutions and regional overlaps. Professor Knud Erik Jørgensen starts with a timely question: Europe's hour of reckoning? In his view, the hour of reckoning refers to when one must confront past mistakes and determine a course of action. He says Russia's war in Ukraine exposes numerous mistakes Europe made in the past and accelerates the development of a new foreign policy paradigm. As a result, he examines the role played by the emerging policy paradigm in shaping the politics of EU foreign policy. Furthermore, the article argues that the emerging paradigm is closely linked, if not dependent, on the ongoing processes of reckoning, that is, to the extent with which past mistakes are acknowledged. Lastly, the article makes a case that the twin processes of reckoning and paradigm change make up a crucial element of Europe's future. Professor Giuseppe Bertola explores a different perspective. According to her, the common-market project, that after World War II aimed to prevent future wars among European nations, has evolved through crises into a complex and unstable set of policies and institutions to govern the European Union. A pandemic caused by the COVID-19 virus and the war in Ukraine strengthened coordination and added issuance of common debt to the supranational policy toolkit. Nevertheless, NextGenEU relies heavily on government subsidies rather than on market incentives, and Russian invasion of the Ukraine demonstrates that economic integration can only shift the boundaries of war from nation-based to those of the integrated economic area. We invite you to learn more about the factors that will shape the future of Europe.

The Future of Europe

TRANSATLANTIC POLICY QUARTERLY - VOL. 21 - NO. 1 - SPRING 2022

Hans-Werner Sinn

Philippe Martin

Richard Portes

Georges De Menil

Jan Van Ours

Top economists provide a concise and accessible evaluation of major developments in trade and trade policy. Economic Policy has earned a reputation around the world as the one publication that always identifies current and emerging policy topics early Papers are specially commissioned from first-class economists and experts in the policy field The editors are all based at top European economic institutions and each paper is discussed by a panel of distinguished economists This unique approach guarantees incisive debate and alternative interpretations of the evidence

Economic Policy 55

Top economists provide a concise and accessible evaluation of major developments in trade and trade policy. Examination of key issues pertinent to the multinational trading system, as well as regional trade arrangements and policy developments at the national level. Provides up-to-date assessments of the World Trade Organization's current Trade Policy Reviews. Economic Policy is written for all those with an informed interest in economic policy problems. All articles are submitted to rigorous scrutiny by a panel of distinguished economists from around the world, resulting in a volume of authoritative and accessible articles, each followed by the comments of panel members.

Economic Policy 53

Giuseppe Bertola

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