Monetary Policy and Unemployment: The US, Euro-area, and Japan (Routledge international studies in money and banking ; 31)

This book pulls together papers presented at a conference in honour of the 1981 Nobel Prize Winner for Economic Science, the late James Tobin. Among the contributors are Olivier Blanchard, Edmund Phelps, Charles Goodhart and Marco Buti. One of the main aims of the conference was to discuss what potential role monetary policy has on economic activity and unemployment reduction in three key currency zones - the United States, European Union and Japan. Book Cover......Page 1 Half-Title......Page 2 Title......Page 6 Copyright......Page 7 Contents......Page 8 Contributors......Page 10 1 Introduction......Page 12 Part I Overview Unemployment and monetary policy in the three currency areas......Page 17 2 Monetary policy and unemployment......Page 19 3 Some notes on monetary policy and unemployment......Page 25 4 The long stagnation of the Japanese economy during the 1990s and macroeconomic policies......Page 29 Part II Labor market institutions and unemployment......Page 32 5 The role of shocks and institutions in the rise of European unemployment......Page 34 6 Labor market institutions and unemployment in Europe......Page 67 7 Labor market dynamics in the Euro-area......Page 74 Part III Structuralist causes of unemployment and monetary policy......Page 112 8 The structuralist perspective on real exchange rate, share price level, and employment path......Page 114 9 The long stagnation and monetary policy in Japan......Page 141 10 Monetary policy, the labor market, and pegged exchange rates......Page 175 Part IV Monetary policy rules, fiscal policy, and unemployment......Page 215 11 The constitutional position of the Central Bank......Page 217 12 Activist stabilization policy and inflation......Page 227 13 The Fed’s monetary policy rule......Page 248 14 What is the impact of tax and welfare reforms on fiscal stabilizers?......Page 264 Index......Page 284 "Written in the spirit of the long time Yale Professor, James Tobin, who has held the view that monetary policy is not neutral, this volume provides an analysis of the different economic performances exhibited by the USA, the Euro-area, and Japan in the last decade. Through addressing the potential role monetary policy has on economic growth and unemployment, this book also discusses the new policy rules that, perhaps, should have been and should be used in the future to improve the economic performance of the three regions." "This book will be of great interest to both undergraduate and graduate economic students, academics, and practitioners."--Résumé de l'éditeur "Written in the spirit of the long time Yale Professor, James Tobin, who has held the view that monetary policy is not neutral, this volume provides an analysis of the different economic performances exhibited by the USA, the Euro-area, and Japan in the last decade. Through addressing the potential role monetary policy has on economic growth and unemployment, this book also discusses the new policy rules that, perhaps, should have been and should be used in the future to improve the economic performance of the three regions." "This book will be of great interest to both undergraduate and graduate economic students, academics, and practitioners."--Jacket