Money and the Natural Rate of Unemployment

Money and the Natural Rate of Unemployment

Money and the Natural Rate of Unemployment

Money and the Natural Rate of Unemployment

Synopsis

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.

Excerpt

The choice of monetary regime has played an important role in economic discussion notably in connection with the discussion on a European Monetary Union. It is the aim of this book to present a new view with regard to this issue. It is argued that monetary factors play a role in the determination of long-term production also in a model context characterised by rational expectations and wage and price flexibility.

Work on the present version of the book was started in 1995. The author is very grateful to colleagues at the Copenhagen Business School and at the University of Copenhagen who have provided critical comments and suggestions to improve both the current and earlier editions of this book. I wish to thank especially Niels Henrik Bùrjesson for valuable comments and technical assistance. A thank also goes to Svend Ostrup who has provided technical assistance. Finally, I want to thank the Copenhagen Research Project on European Integration (CORE) and the Copenhagen Business School who have provided financial support.

Finn Ostrup . . .

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