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Inflation Policy And Unemployment Theory
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Book Synopsis Inflation Policy and Unemployment Theory by : Edmund S. Phelps
Download or read book Inflation Policy and Unemployment Theory written by Edmund S. Phelps and published by London : Macmillan. This book was released on 1972 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: Monograph on economic theory and economic policies relevant to unemployment and inflation, proposing a cost benefit analysis approach to optimal monetary policy for the USA - includes economic models. References and statistical tables.
Book Synopsis Inflation and Unemployment by : Victor E. Argy
Download or read book Inflation and Unemployment written by Victor E. Argy and published by Routledge. This book was released on 2016-04-20 with total page 444 pages. Available in PDF, EPUB and Kindle. Book excerpt: Originally published in 1985 and contributed to by internationally renowned economists, this volume discusses theoretical issues and country-specific experiences to review the underlying causes of the stagflation of the 1970s and early 1980s, as well as summarizing the kinds of macro-policies that were adopted to deal with the stagflation.
Book Synopsis The Great Inflation by : Michael D. Bordo
Download or read book The Great Inflation written by Michael D. Bordo and published by University of Chicago Press. This book was released on 2013-06-28 with total page 545 pages. Available in PDF, EPUB and Kindle. Book excerpt: Controlling inflation is among the most important objectives of economic policy. By maintaining price stability, policy makers are able to reduce uncertainty, improve price-monitoring mechanisms, and facilitate more efficient planning and allocation of resources, thereby raising productivity. This volume focuses on understanding the causes of the Great Inflation of the 1970s and ’80s, which saw rising inflation in many nations, and which propelled interest rates across the developing world into the double digits. In the decades since, the immediate cause of the period’s rise in inflation has been the subject of considerable debate. Among the areas of contention are the role of monetary policy in driving inflation and the implications this had both for policy design and for evaluating the performance of those who set the policy. Here, contributors map monetary policy from the 1960s to the present, shedding light on the ways in which the lessons of the Great Inflation were absorbed and applied to today’s global and increasingly complex economic environment.
Book Synopsis Inflation, Unemployment, and Monetary Policy by : Robert M. Solow
Download or read book Inflation, Unemployment, and Monetary Policy written by Robert M. Solow and published by MIT Press. This book was released on 1998 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt: Edited and with an introduction by Benjamin M. Friedman The connection between price inflation and real economic activity has been a focus of macroeconomic research--and debate--for much of the past century. Although this connection is crucial to our understanding of what monetary policy can and cannot accomplish, opinions about its basic properties have swung widely over the years. Today, virtually everyone studying monetary policy acknowledges that, contrary to what many modern macroeconomic models suggest, central bank actions often affect both inflation and measures of real economic activity, such as output, unemployment, and incomes. But the nature and magnitude of these effects are not yet understood. In this volume, Robert M. Solow and John B. Taylor present their views on the dilemmas facing U.S. monetary policymakers. The discussants are Benjamin M. Friedman, James K. Galbraith, N. Gregory Mankiw, and William Poole. The aim of this lively exchange of views is to make both an intellectual contribution to macroeconmics and a practical contribution to the solution of a public policy question of central importance.
Book Synopsis Problems of the Modern Economy by : Edward C. Budd
Download or read book Problems of the Modern Economy written by Edward C. Budd and published by W. W. Norton. This book was released on 1966-10 with total page 484 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The General Theories of Inflation, Unemployment, and Government Deficits by : John Lindauer
Download or read book The General Theories of Inflation, Unemployment, and Government Deficits written by John Lindauer and published by iUniverse. This book was released on 2013-01-31 with total page 629 pages. Available in PDF, EPUB and Kindle. Book excerpt: Intellectual time lags exist in every field of science. So it is that even today one often hears the same old common knowledge nonsense and simplistic analysis from the early post-Keynesian era when students learned about some of the monetary and fiscal policies applicable to the U.K. and its institutions (Keynes) on the premise that they are also applicable to the U.S. Many are not. The result has all too often been inflation or massive unemployment that continues even though it could be quickly ended without fiscal changes or new laws. This is a re-presentation of Professor Lindauers early ground-breaking work from the 1960s. It explains why not all Keynesian and neo-classical theory and monetary and fiscal policies are applicable to the unique structure and institutions of the United States and how the current United States malaise can be quickly ended - via a new approach to monetary policy, long ago explained by Lindauer and adopted by other countries. It was while at Claremont as professor of economics that Lindauer first modeled the concept of aggregate supply and related it with the concept of aggregate demand to develop many of the macroeconomic theories presented herein and integrate them into the then-existing theories of inflation and unemployment. Importantly in these days of high unemployment, the unique and quickly effective monetary policies he suggested years ago to end recessions and depressions without causing inflation or exacerbating government deficits are today immediately available without requiring fiscal changes or the passage of new laws and regulations. Professor Lindauers other publications include Land Taxation and Indian Economic Development (with Sarjit Singh); various editions of his Macroeconomics series; and his early ground-breaking journal articles such as Stabilization Inflation and the Inflation-Unemployment Trade-off. A non-technical version of this work is available as Inflations, Unemployment, and Government Deficits: End Them. It is suitable for journalists, laymen, and lawyers serving as Federal Reserve governors. Lindauers books have been translated into Japanese, Spanish, Portugese, Korean, Hindi, and Chinese and the policies his theories suggest implemented by central banks around the world. He has additionally served as a visiting professor at Sussex University, the University of California (SD), and Punjab University. He lives in Scottsdale and Chicago. His teaching is limited to lectures and visiting professorships.
Book Synopsis Studies in Macroeconomic Theory by : Edmund S. Phelps
Download or read book Studies in Macroeconomic Theory written by Edmund S. Phelps and published by Academic Press. This book was released on 2014-05-10 with total page 433 pages. Available in PDF, EPUB and Kindle. Book excerpt: Studies in Macroeconomic Theory, Volume 1: Employment and Inflation is a collection of scholarly papers that accounts the development of a microeconomic theory of wage and price decisions and commitments. The book presents some features of the modern inflationary process and makes sense of some still accepted elements in the postclassical macroeconomics of Keynes and Phillips. The papers in this volume are grouped into seven sections. Part I describes disequilibrium models of employment. Part II gives closer scrutiny to the idea of the "natural" rate of unemployment. Part III studies the welfare economics of inflation in an equilibrium context. The fourth part deals with inflation planning. The papers in Part V discuss hypotheses about the causes of the rise in the rate of inflation in two historical episodes: the American inflation between 1955 - 1957 and 1972 - 1974. Part VI addresses some questions in the theory of economic stabilization by monetary and fiscal policy. The final section of this volume attempts to apply to matters of stochastic social choice, stabilization policy being one instance of such a choice, the conception of justice advanced by Rawls. The compendium will be of value to economists and economic policy makers.
Book Synopsis Productivity Growth, Inflation, and Unemployment by : Robert James Gordon
Download or read book Productivity Growth, Inflation, and Unemployment written by Robert James Gordon and published by Cambridge University Press. This book was released on 2004 with total page 520 pages. Available in PDF, EPUB and Kindle. Book excerpt: Publisher Description
Book Synopsis Monetary Policy, Inflation, and the Business Cycle by : Jordi Galí
Download or read book Monetary Policy, Inflation, and the Business Cycle written by Jordi Galí and published by Princeton University Press. This book was released on 2015-06-09 with total page 295 pages. Available in PDF, EPUB and Kindle. Book excerpt: The classic introduction to the New Keynesian economic model This revised second edition of Monetary Policy, Inflation, and the Business Cycle provides a rigorous graduate-level introduction to the New Keynesian framework and its applications to monetary policy. The New Keynesian framework is the workhorse for the analysis of monetary policy and its implications for inflation, economic fluctuations, and welfare. A backbone of the new generation of medium-scale models under development at major central banks and international policy institutions, the framework provides the theoretical underpinnings for the price stability–oriented strategies adopted by most central banks in the industrialized world. Using a canonical version of the New Keynesian model as a reference, Jordi Galí explores various issues pertaining to monetary policy's design, including optimal monetary policy and the desirability of simple policy rules. He analyzes several extensions of the baseline model, allowing for cost-push shocks, nominal wage rigidities, and open economy factors. In each case, the effects on monetary policy are addressed, with emphasis on the desirability of inflation-targeting policies. New material includes the zero lower bound on nominal interest rates and an analysis of unemployment’s significance for monetary policy. The most up-to-date introduction to the New Keynesian framework available A single benchmark model used throughout New materials and exercises included An ideal resource for graduate students, researchers, and market analysts
Book Synopsis Political Business Cycles by : Thomas D. Willett
Download or read book Political Business Cycles written by Thomas D. Willett and published by Duke University Press. This book was released on 1988 with total page 554 pages. Available in PDF, EPUB and Kindle. Book excerpt: "A Pacific Research Institute for Public Policy book." Includes bibliographies and index.
Download or read book Rewarding work written by Edmund S Phelps and published by Harvard University Press. This book was released on 2009-07 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the 1970s a gulf has opened between the pay of low-paid workers and the pay of the middle class. No longer able to earn a decent wage in respectable work, many have left the labor force, and the job attachment of those remaining has weakened. For Edmund Phelps, this is a failure of political economy whose widespread effects are undermining the free-enterprise system. His solution is a graduated schedule of tax subsidies to enterprises for every low-wage worker they employ. As firms hire more of these workers, the labor market would tighten, driving up their pay levels as well as their employment.
Book Synopsis Employment without Inflation by : Benjamin Higgins
Download or read book Employment without Inflation written by Benjamin Higgins and published by Routledge. This book was released on 2018-01-16 with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt: The world economy has undergone a fundamental transformation in recent decades and theoretical structures inherited from the 1930s through the 1950s, while retaining large elements of truth, are inadequate to deal with current problems. Benjamin Higgins feels that for a society such as the United States a fiscal policy needs to be adopted that can deal simultaneously with existing unemployment and inflation. He suggests three possible governmental policies: stimulating a high rate of long-run growth, by use of reward innovations and by maintaining the highest possible level of scientific and technical activity; isolating regions that are generators of inflation and others that are pools for unemployment; and establishing a system of direct controls similar to those used in wartime. Higgins describes the transformation of the cogent prewar business cycle, with its alternations of inflation or unemployment, then a transitional period of underemployment equilibrium and secular stagnation, and finally, the strange new world of today, one with economic fluctuations in the form of shifting trade-off curves and loops. He then applies his new paradigm to current problems, showing why they cannot be managed through macroeconomic monetary and fiscal policy. Higgins offers case studies of efforts to fight inflation and unemployment, and to reduce regional gaps, to show their strengths and weaknesses. It can be said that unemployment always results from too many people chasing too few jobs, and inflation is always caused by too much money chasing too few goods and services. Beyond such banal generalizations, Higgins maintains there is no single cause for either unemployment or inflation, and thus no single cure can be prescribed for either, let alone for both at once. Nor is it to be expected that the appropriate cure will prove to be the same in all countries at all times. He suggests that an optimal blend of monetary and fiscal policy that will produce the "minimum discomfort" is a good start. Employment Without Inflation will be of direct policy interest to economists, sociologists, and national planners.
Book Synopsis Understanding Inflation and the Implications for Monetary Policy by : Jeff Fuhrer
Download or read book Understanding Inflation and the Implications for Monetary Policy written by Jeff Fuhrer and published by MIT Press. This book was released on 2009-09-11 with total page 517 pages. Available in PDF, EPUB and Kindle. Book excerpt: Current perspectives on the Phillips curve, a core macroeconomic concept that treats the relationship between inflation and unemployment. In 1958, economist A. W. Phillips published an article describing what he observed to be the inverse relationship between inflation and unemployment; subsequently, the “Phillips curve” became a central concept in macroeconomic analysis and policymaking. But today's Phillips curve is not the same as the original one from fifty years ago; the economy, our understanding of price setting behavior, the determinants of inflation, and the role of monetary policy have evolved significantly since then. In this book, some of the top economists working today reexamine the theoretical and empirical validity of the Phillips curve in its more recent specifications. The contributors consider such questions as what economists have learned about price and wage setting and inflation expectations that would improve the way we use and formulate the Phillips curve, what the Phillips curve approach can teach us about inflation dynamics, and how these lessons can be applied to improving the conduct of monetary policy. Contributors Lawrence Ball, Ben Bernanke, Oliver Blanchard, V. V. Chari, William T. Dickens, Stanley Fischer, Jeff Fuhrer, Jordi Gali, Michael T. Kiley, Robert G. King, Donald L. Kohn, Yolanda K. Kodrzycki, Jane Sneddon Little, Bartisz Mackowiak, N. Gregory Mankiw, Virgiliu Midrigan, Giovanni P. Olivei, Athanasios Orphanides, Adrian R. Pagan, Christopher A. Pissarides, Lucrezia Reichlin, Paul A. Samuelson, Christopher A. Sims, Frank R. Smets, Robert M. Solow, Jürgen Stark, James H. Stock, Lars E. O. Svensson, John B. Taylor, Mark W. Watson
Book Synopsis Monetary Policy and the German Unemployment Problem in Macroeconomic Models by : Jan Gottschalk
Download or read book Monetary Policy and the German Unemployment Problem in Macroeconomic Models written by Jan Gottschalk and published by Springer Science & Business Media. This book was released on 2007-04-29 with total page 307 pages. Available in PDF, EPUB and Kindle. Book excerpt: Having the high unemployment in Germany in mind, this book discusses how macroeconomic theory has evolved over the past forty years. It shows that in recent years a convergence has taken place, with modern models embodying a Keynesian transmission mechanism, monetarist policy implication, and modeling techniques inspired by new classical economics and real business cycle theory. It also probes in which direction models may be extended from here. Empirically, the book uses different econometric techniques to investigate the relevance and implications of different macroeconomic theories for German data. A key question this book investigates is the role of demand and supply side conditions for the increase in the German unemployment rate. On a policy level, the book relates the implications of the different theories to the ongoing debate on the appropriate roles of demand and supply side policies for curing the German unemployment problem.
Book Synopsis Unemployment in Western Countries by : International Economic Association
Download or read book Unemployment in Western Countries written by International Economic Association and published by Palgrave Macmillan. This book was released on 1980-10-30 with total page 582 pages. Available in PDF, EPUB and Kindle. Book excerpt: Conference report on unemployment in USA, Western Europe and Japan - reviews employment policy, impact of international trade and economic recession, effects of trade between the USA and developing countries on us employment, gives macroeconomic analysis of structural unemployment, inflation and labour demand in Germany, federal Republic, covers labour market segmentation and discrimination, income distribution and labour supply, and work sharing in Japan. Bibliographys, graphs and statistical tables. ILO mentioned. Conference held in bischenberg 1980?
Book Synopsis Inflation: Theory and Policy by : A.J. Hagger
Download or read book Inflation: Theory and Policy written by A.J. Hagger and published by Springer. This book was released on 1977-02-24 with total page 299 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Inflation Theory and Anti-Inflation Policy by : Erik Lundberg
Download or read book Inflation Theory and Anti-Inflation Policy written by Erik Lundberg and published by Springer. This book was released on 1978-01-01 with total page 554 pages. Available in PDF, EPUB and Kindle. Book excerpt:
