Money and the natural rate of unemployment
著者
書誌事項
Money and the natural rate of unemployment
Cambridge University Press, 2000
- : hbk
- : pbk
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注記
Bibliography: p. 285-303
Includes index
内容説明・目次
内容説明
The prevailing view among economists and policy makers is that money has no impact on production in a longer term characterised by full price and wage flexibility and rational expectations. This book presents a revisionist view of monetary policy and monetary regimes. It presents several new mechanisms, indicating that money affects long-term production. The consequent policy implications are also discussed, including: the uses of monetary policy and monetary regimes in achieving macroeconomic goals; the impact of an independent central bank; the effects of a movement from floating exchange rates to fixed exchange rates in a monetary union. In addition to the theoretical and policy discussions the book also contains a comprehensive survey of the current state of scholarship in this area. Designed as a textbook for advanced undergraduate and graduate students in macroeconomics, labour economics and finance, this book will also appeal to scholars and policy-makers.
目次
- Part I. Introduction and Main Assumptions: 1. Introduction
- 2. The wage formation process
- 3. The literature
- Part II. The Impact of Monetary Policy and Inflation: 4. Imperfect integration of securities markets
- 5. Monopolistic competition in bank markets
- 6. Utility from securities holdings
- 7. Hysteresis effects from monetary policy
- 8. The impact of inflation on bank earnings
- Part III. The Impact of Monetary Regimes: 9. Centralised wage formation
- 10. Fiscal policy
- 11. Price stability goal
- 12. Uncertainty concerning policy formation
- 13. Policy uncertainty in a fixed-but-adjustable exchange rate regime
- 14. The impact of uncertainty on wage-setting
- Part IV. Policy Implications: 15. Policy implications of monetary non-neutrality
- 16. A microeconomic foundation.
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