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

by Carlin, Wendy; Soskice, David

• ISBN13: 9780198772453
• ISBN10: 0198772459
• Format: Hardcover
• Copyright: 1990-12-06
• Publisher: Oxford University Press

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 assumptionscloser 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 WesternEurope.

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

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