Money and the Natural Rate of Unemployment

Finn Ostrup (Copenhagen Business School)

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English

Cambridge University Press
08 May 2000

Macroeconomics; Monetary economics; Employment & unemployment

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. This book is both a research resource for scholars and policy makers, and a text for advanced undergraduate and graduate students in macroeconomics, labour economics and finance.

By: Finn Ostrup (Copenhagen Business School)
Imprint: Cambridge University Press
Country of Publication: United Kingdom
Dimensions: Height: 229mm, Width: 152mm, Spine: 22mm
Weight: 640g
ISBN: 9780521661393
ISBN 10: 0521661390
Pages: 320
Publication Date: 08 May 2000
Audience: Professional and scholarly , College/higher education , Undergraduate , Primary
Format: Hardback
Publisher's Status: Active

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.