This book pulls together papers presented at a conference in honour of the 1981 Nobel Prize Winner for Economic Science, the late James Tobin. Among the contributors are Olivier Blanchard, Edmund Phelps, Charles Goodhart and Marco Buti.One of the main aims of the conference was to discuss what potential role monetary policy has on economic activity and unemployment reduction in three key currency zones - the United States, European Union and Japan.
Author(s): Willi Semmler
Edition: 1
Year: 2005
Language: English
Pages: 288
Book Cover......Page 1
Half-Title......Page 2
Title......Page 6
Copyright......Page 7
Contents......Page 8
Contributors......Page 10
1 Introduction......Page 12
Part I Overview Unemployment and monetary policy in the three currency areas......Page 17
2 Monetary policy and unemployment......Page 19
3 Some notes on monetary policy and unemployment......Page 25
4 The long stagnation of the Japanese economy during the 1990s and macroeconomic policies......Page 29
Part II Labor market institutions and unemployment......Page 32
5 The role of shocks and institutions in the rise of European unemployment......Page 34
6 Labor market institutions and unemployment in Europe......Page 67
7 Labor market dynamics in the Euro-area......Page 74
Part III Structuralist causes of unemployment and monetary policy......Page 112
8 The structuralist perspective on real exchange rate, share price level, and employment path......Page 114
9 The long stagnation and monetary policy in Japan......Page 141
10 Monetary policy, the labor market, and pegged exchange rates......Page 175
Part IV Monetary policy rules, fiscal policy, and unemployment......Page 215
11 The constitutional position of the Central Bank......Page 217
12 Activist stabilization policy and inflation......Page 227
13 The Fed’s monetary policy rule......Page 248
14 What is the impact of tax and welfare reforms on fiscal stabilizers?......Page 264
Index......Page 284
