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Monetarism is dead Central bankers are all Wicksellians now They target low inflation rates, with no regard to monetary aggregates whatsoever, by acting upon short-term real rates of interest. This is the New Consensus in monetary economics, or simply the New Keynesian Synthesis. Yet, this synthesis still hinges on variants of the long-run vertical Phillips curve originally proposed by Milton Friedman, the father of old-line monetarism. Contributors to the volume question this New Consensus. While they agree that the money supply should be conceived as endogenous, they carefully examine the...

Since the advent of the Euro the debate over the benefits of monetary integration has warmed up, particularly for NAFTA countries. This collection examines the various problems & benefits involved in monetary integration & covers the causes of Euro instability.

This insightful textbook offers a comprehensive critique of neoclassical economics, presenting a detailed and accessible discussion of major macroeconomic issues. Intermediate Macroeconomics highlights the need for an alternative framework to demonstrate the irrelevance of mainstream economic theory and its inability to provide satisfactory responses to the continuing challenges of modern economies. Topics covered include the role of commercial banks and the central bank, unemployment and inflation, fiscal policy, monetary policy and worsening worldwide inequality. Key Features: ...

This insightful textbook offers a comprehensive critique of neoclassical economics, presenting a detailed and accessible discussion of major macroeconomic issues. Intermediate Macroeconomics highlights the need for an alternative framework to demonstrate the irrelevance of mainstream economic theory and its inability to provide satisfactory responses to the continuing challenges of modern economies. Topics covered include the role of commercial banks and the central bank, unemployment and inflation, fiscal policy, monetary policy and worsening worldwide inequality. Key Features: ...