Monetary Policy and the German Unemployment Problem in Macroeconomic Models

Theory and Evidence
1. Auflage 2005
ISBN: 978-3-540-25650-2
Verlag: Springer

Buch, Englisch, 288 Seiten, Format (B × H): 155 mm x 235 mm, Gewicht: 1360 g

Reihe: Kieler Studien - Kiel Studies

Having the high unemployment in Germany in mind, this book discusses how macroeconomic theory has evolved over the past forty years. It shows that in recent years a convergence has taken place, with modern models embodying a Keynesian transmission mechanism, monetarist policy implication, and modeling techniques inspired by new classical economics and real business cycle theory. It also probes in which direction models may be extended from here. Empirically, the book uses different econometric techniques to investigate the relevance and implications of different macroeconomic theories for German data. A key question this book investigates is the role of demand and supply side conditions for the increase in the German unemployment rate. On a policy level, the book relates the implications of the different theories to the ongoing debate on the appropriate roles of demand and supply side policies for curing the German unemployment problem.

Zielgruppe

Research

Autoren/Hrsg.

Gottschalk, Jan

Fachgebiete

• Wirtschaftswissenschaften Volkswirtschaftslehre Volkswirtschaftslehre Allgemein Makroökonomie
• Wirtschaftswissenschaften Volkswirtschaftslehre Volkswirtschaftslehre Allgemein Arbeitsmarkt

Inhaltsverzeichnis

Keynesian and Monetarist Views on the German Unemployment Problem.- The Rational Expectations Revolution.- Monetary Policy in the New Keynesian Model.- Introducing Nonlinearities into the New Keynesian Model.- Revisiting the Natural Rate Hypothesis.- Concluding Remarks.