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Money and the Natural Rate of Unemployment - Finn Ostrup

Money and the Natural Rate of Unemployment

Paperback Published: 8th May 2000
ISBN: 9780521667395
Number Of Pages: 320

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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.

Introduction and Main Assumptions
The wage formation process
The literature
The Impact of Monetary Policy and Inflation
Imperfect integration of securities markets
Monopolistic competition in bank markets
Utility from securities holdings
Hysteresis effects from monetary policy
The impact of inflation on bank earnings
The Impact of Monetary Regimes
Centralised wage formation
Fiscal policy
Price stability goal
Uncertainty concerning policy formation
Policy uncertainty in a fixed-but-adjustable exchange rate regime
The impact of uncertainty on wage-setting
Policy Implications
Policy implications of monetary non-neutrality
A microeconomic foundation
Table of Contents provided by Publisher. All Rights Reserved.

ISBN: 9780521667395
ISBN-10: 0521667399
Audience: Tertiary; University or College
Format: Paperback
Language: English
Number Of Pages: 320
Published: 8th May 2000
Publisher: Cambridge University Press
Country of Publication: GB
Dimensions (cm): 22.8 x 15.2  x 1.8
Weight (kg): 0.47

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