ABSTRACT
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.
TABLE OF CONTENTS
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part I|15 pages
Overview
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chapter 4|3 pages
The long stagnation of the Japanese economy during the 1990s and macroeconomic policies
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part II|79 pages
Labor market institutions and unemployment
chapter 5|33 pages
The role of shocks and institutions in the rise of European unemployment
The aggregate evidence
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chapter 6|7 pages
Labor market institutions and unemployment in Europe
A comment on Blanchard and Wolfers
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part III|102 pages
Structuralist causes of unemployment and monetary policy
chapter 8|27 pages
The structuralist perspective on real exchange rate, share price level, and employment path
What room is left for money?
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chapter 10|39 pages
Monetary policy, the labor market, and pegged exchange rates
A study of the German economy
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part IV|69 pages
Monetary policy rules, fiscal policy, and unemployment
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chapter 14|20 pages
What is the impact of tax and welfare reforms on fiscal stabilizers?
A simple model and an application to EMU
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