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Peter Bofinger (born September 18, 1954) is a Germaneconomist and member of the German Council of Economic Experts. He is the only proponent of Keynesian economics in this council.

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Career[edit]

Following his studies, Bofinger worked as staff member to the Council of Economic Experts between 1978 and 1981. From 1984 until 1990, he was an economist at the Bundesbank. Since 1992, Bofinger has been a professor at the University of Würzburg. Between 1997 and 1999, he served as Dean of the university’s Department of Economics. In 1997, he turned down an offer to move to the Ludwig Maximilian University of Munich.

Nominated by Germany’s trade unions, Bofinger succeeded Jürgen Kromphardt as member of the Council of Economic Experts in 2004.^[1] He has in the past oftentimes disagreed with the Council’s conclusions.^[2][3] Between 2012 and 2017, he issued 26 of the Council’s 27 minority votes during that period.^[4] For example, he was the only member of the Council to advocate the adoption of a minimum wage in Germany: He argues that a minimum wage of €5 is necessary to prevent 'wage dumping' and to ensure that full-time employment provides enough income.^[5] He does not think that a minimum wage would have a negative impact on employment.^[6]

In 2005, ChancellorGerhard Schröder proposed that Bofinger should replace Otmar Issing on the Executive Board of the European Central Bank (ECB) the following year;^[7] the post instead went to Jürgen Stark. From December 2011 until May 2012, Bofinger served as member of the Jacques Delors Institute’s Tommaso Padoa-Schioppa group, a high-level expert group to reflect on the reform of the Economic and Monetary Union of the European Union.^[8]

Selected publications[edit]

• Bofinger, P (1996). 'The economics of orthodox money-based stabilisations (OMBS): The recent experience of Kazakhstan, Russia and the Ukraine'. European Economic Review. 40 (3–5): 663–671. doi:10.1016/0014-2921(95)00076-3.
• Bofinger, P (2000). 'A framework for stabilizing the euro/yen/dollar triplet'. North American Journal of Economics and Finance. 11 (2): 137–151. CiteSeerX10.1.1.512.1539. doi:10.1016/S1062-9408(00)00039-5.
• Peter Bofinger ; in collaboration with Julian Reischle and Andrea Schächter.; Reischle, Julian; Schächter, Andrea (2001). Monetary Policy: Goals, Institutions, Strategies, and Instruments. New York: Oxford University Press. ISBN978-0-19-924856-8.
• Bofinger, P; Wollmershäuser, Timo (2001). 'Is there a third way to EMU for the EU accession countries?'. Economic Systems. 25 (3): 253–274. doi:10.1016/S0939-3625(01)00021-8.
• Bofinger, Peter; Wollmershäuser, Timo (2003). 'Managed Floating as a Monetary Policy Strategy'. Economics of Planning. 36 (2): 81–109. doi:10.1023/B:ECOP.0000012258.15614.d8.

International Economics Krugman Obstfeld Melitz Pdf Download

Other activities[edit]

Non-profit organizations[edit]

• European Council on Foreign Relations, Member of the Board
• Institute for New Economic Thinking (INET), Member of the Council on the Euro Zone Crisis (ICEC)
• Progressive Economy, Member of the Scientific Advisory Board^[9]
• Verein für Socialpolitik, Member of the Committee on Monetary Policy

Editorial boards[edit]

• International Journal of Economics and Finance (IJEF), Member of the Board of Editors
• Wirtschaftsdienst, Member of the Scientific Advisory Board^[10]

References[edit]

1. ^Klaus-Peter Schmid (March 4, 2004), Der allerletzte KeynesianerDie Zeit.
2. ^Derek Scally (March 9, 2015), Keynesian odd one out of Germany’s five ‘wise men’Irish Times.
3. ^Claire Jones and Guy Chazan (November 8, 2017), German economy faces risk of overheating, experts warnFinancial Times.
4. ^Niklas Potrafke (September 14, 2017), Der Letzte der WeisenFrankfurter Allgemeine Zeitung.
5. ^Wirtschaftswoche (26.09.2009): Wirtschaftsweiser Bofinger fordert fünf Euro Mindestlohn
6. ^Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung, Jahresgutachten 2006/07, p. 422 (PDF)
7. ^Bankers battle for big jobsPolitico Europe, May 11, 2015.
8. ^Tommaso Padoa-Schioppa GroupJacques Delors Institute.
9. ^Peter Bofinger Progressive Economy.
10. ^Scientific Advisory BoardWirtschaftsdienst.

Further reading[edit]

• Schmid, Klaus-Peter (2004-03-04). 'Der allerletzte Keynesianer'. Die Zeit.

External links[edit]