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Home > Catalogue > Money and the Natural Rate of Unemployment
Money and the Natural Rate of Unemployment


  • 1 table
  • Page extent: 320 pages
  • Size: 228 x 152 mm
  • Weight: 0.64 kg

Library of Congress

  • Dewey number: 331.13/7
  • Dewey version: 21
  • LC Classification: HD5710 .O78 2000
  • LC Subject headings:
    • Unemployment--Effect of inflation on
    • Monetary policy

Library of Congress Record

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 (ISBN-13: 9780521661393 | ISBN-10: 0521661390)

DOI: 10.2277/0521661390

Manufactured on demand: supplied direct from the printer

 (Stock level updated: 09:07 GMT, 03 October 2015)


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.

• A major new upper level textbook with global adoption potential in finance, labour economics, macroeconomics and applied economics • A major study presenting important, original, and accessible research on a subject of immense topicality and international appeal • The latest book in Cambridge's successful list in monetary economics


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.

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