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Economists and the governments they advise have based their macroeconomic policies on the idea of a natural rate of unemployment. Government policy that pushes the rate below this point-about 6 percent-is apt to trigger an accelerating rate of inflation that is hard to reverse, or so the argument goes. In this book, Storm and Naastepad make a strong case that this concept is flawed: that a stable non-accelerating inflation rate of unemployment (NAIRU), independent of macroeconomic policy, does not exist. Consequently, government decisions based on the NAIRU are not only misguided but have huge and avoidable social costs, namely, high unemployment and sustained inequality.Skillfully merging theoretical and empirical analysis, Storm and Naastepad show how the NAIRU's neglect of labor's impact on technological change and productivity growth eclipses the many positive contributions that labor and its regulation make to economic performance. When these positive effects are taken into account, the authors contend, a more humane policy becomes feasible, one that would enhance productivity and technological progress while maintaining profits, thus creating conditions for low unemployment and wider equality.
BUSINESS & ECONOMICS --- Economics / Macroeconomics --- Natural rate of unemployment --- Macroeconomics --- Monetary policy --- Business & Economics --- Labor & Workers' Economics --- Natural rate of unemployment. --- Macroeconomics. --- Monetary policy. --- Monetary management --- NAIRU (Non-accelerating inflation rate of unemployment) --- Non-accelerating inflation rate of unemployment --- Economic policy --- Currency boards --- Money supply --- Economics --- Equilibrium (Economics) --- Unemployment --- Inflation (Finance) --- E-books --- 331.31 --- 332.620 --- 333.841 --- 333.846.3 --- AA / International- internationaal --- Economisch beleid --- Werkloosheid: algemeenheden. Philipscurve --- Inflatie --- Verband tussen de geld-, bank- en kredietpolitiek en de lonen
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While there is ample evidence that high inflation is harmful, little is known about how best to reduce inflation or how far it should be reduced. In this volume, sixteen distinguished economists analyze the appropriateness of low inflation as a goal for monetary policy and discuss possible strategies for reducing inflation. Section I discusses the consequences of inflation. These papers analyze inflation's impact on the tax system, labor market flexibility, equilibrium unemployment, and the public's sense of well-being. Section II considers the obstacles facing central bankers in achieving low inflation. These papers study the precision of estimates of equilibrium unemployment, the sources of the high inflation of the 1970's, and the use of non-traditional indicators in policy formation. The papers in section III consider how institutions can be designed to promote successful monetary policy, and the importance of institutions to the performance of policy in the United States, Germany, and other countries. This timely volume should be read by anyone who studies or conducts monetary policy.
Inflation (finance) --- Monetary policy --- 336.748.12 --- AA / International- internationaal --- 333.841 --- NBB congres --- NAIRU --- Inflation (Finance) --- 332.41 --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Finance --- Natural rate of unemployment --- Algemeen prijsniveau. Prijsindex. Prijsstijging --- Inflatie. --- Monetary policy. --- Inflation (Finance). --- 336.748.12 Algemeen prijsniveau. Prijsindex. Prijsstijging --- Inflatie --- Colección Historia (Editorial Los Amigos del Libro). --- E-books --- Política monetaria --- economics, finance, money, financial, economy, economist, reduction, analysis, analyzed, monetary, policy, consequence, tax, taxes, system, essay collection, academic, scholarly, research, college, university, higher ed, education, textbook, professor, researcher, banker, banking, unemployment, united states, germany, western, market, labor, international.
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