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

ISBN-13: 9780198772446 / Angielski / Miękka / 1990 / 496 str.

Wendy Carlin; David Soskice

Opis

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.

Recenzje

`good, clear sections with clear understandable explanations of theories, wth relevant applications' Ms L. Garley, Nene College

Spis treści

Introduction; Part I: 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; Part II: 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; Part III: 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; Part IV: 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