This book provides a much-needed re-examination of monetary and
fiscal policies, their application in the real world and their
potential for macroeconomic policy in the 21st century. It provides
a detailed discussion and critique of the 'new consensus' in
macroeconomics along with the monetary and fiscal policies
encapsulated within it. The authors argue that monetary policy is
an ineffective means of controlling inflation and, if not used
properly, can also have detrimental effects on the supply-side of
the economy. They further contend that fiscal policy remains a
potent instrument for influencing aggregate demand. Using detailed
analysis the authors emphasise the role of capacity constraints as
possible inflation barriers and argue against the NAIRU as a labour
market phenomenon. The book concludes by eritically examining the
economic policies of the European Economic and Monetary Union.
Written by two of the leading scholars in the field, this
provocative new volume is concise, well argued and rich in new
insights. It will interest all those concerned with the current
problems and future development of monetary and fiscal policy.
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