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9780198772446

Macroeconomics and the Wage Bargain A Modern Approach to Employment, Inflation, and the Exchange Rate

by ;
  • ISBN13:

    9780198772446

  • ISBN10:

    0198772440

  • Format: Paperback
  • Copyright: 1990-12-06
  • Publisher: Oxford University Press

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Summary

This intermediate-level text concentrates on new macroeconomic analysis and is one of the first to focus on labor markets. Presenting a neo-Keynesian treatment of macroeconomics, whose use of wage bargaining and price setting under imperfect conditions make product and labor assumptions closer to the real world, the authors look at important applied work on unemployment, inflation, and external balances. They make available for the first time to undergraduates and non-specialists current literature on major questions of economic policy and performance, especially in Western Europe.

Table of Contents

Introduction
Macroeconomics with Competitive Microfoundations: The classical model: market clearing and the quantity theory of money
Keynes' model
The neoclassical critique of Keynes and the Keynesian counterattack
The neoclassical revival: Friedman's model
The neoclassical revival: the new classical macroeconomics
The NAIRU Model: Macroeconomics under Imperfect Competition: The NAIRU model
Monetary growth rate rules and expectations hypotheses
Fiscal policy and the NAIRU model
Incomes policies and the NAIRU model
The NAIRU model and productivity growth
Macroeconomic Analysis in the Open Economy: Extending IS/LM to the open economy
Competitiveness and external balance
The NAIRU model in the open economy
Exchange rate policies: devaluation, import controls
Monetary, fiscal and incomes policies underfixed exchange rates
More realistic assumptions about pricing and competitiveness
The impact of a raw materials price shock
A contrasting model: the international monetarist model
Floating exchange rates with zero capital mobility
Floating exchange rates and perfect capital mobility: exchange rate expectations
Topics in open economy macroeconomics
Microeconomic Foundations and the Problem of Hysteresis: Price setting in imperfectly competitive product markets
Wage setting in imperfectly competitive labour markets
The problem of hysteresis
Table of Contents provided by Publisher. All Rights Reserved.

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