Money and the Natural Rate of Unemployment [Paperback]

An upper level textbook presenting a revisionist view of monetary policy and monetary regimes.This research resource and textbook for students in finance, labour economics and macroeconomics challenges the conventional wisdom of monetary policy and monetary regimes. It demonstrates a number of new mechanisms, never previously discussed, which imply that money affects long-term production. The resulting policy implications are also considered with reference to current European debate, in particular the desirability of an independent central bank. In addition to the theoretical and policy analysis the book also contains a comprehensive survey of the current state of scholarship in this area.This research resource and textbook for students in finance, labour economics and macroeconomics challenges the conventional wisdom of monetary policy and monetary regimes. It demonstrates a number of new mechanisms, never previously discussed, which imply that money affects long-term production. The resulting policy implications are also considered with reference to current European debate, in particular the desirability of an independent central bank. In addition to the theoretical and policy analysis the book also contains a comprehensive survey of the current state of scholarship in this area.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.Part I. Introduction and Main Assumptions: 1. Introduction; 2. The wage formation procesl#Q