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Re-examining Monetary and Fiscal Policy for the 21st Century
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 critically 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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What Reviewers Are Saying
'... the book is original and well-organized. And perhaps most importantly, it brings macroeconomics back to the realm of political economy where depth, rigour, controversy and rhetoric are equally important.' -- Oscar De-Juan, Review of Political Economy 'Overall, the book presents a critical and appealing perspective on contemporary topics in macroeconomics and economic policy and certainly would interest policy makers, scholars, and students in these fields. The arguments presented are clear and straightforward, and the reader is led to question some common beliefs in the economics profession and to evaluate which ones are sensible and which ones are simply nonsense.' -- Gilberto Libanio, Journal of Economic Issues 'This is an incisive analysis explaining why the conventional wisdom regarding the role of monetary and fiscal policy has failed to create a full employment economy for European nations. This is followed by a thoughtful examination of how the nations of Euroland can achieve a prosperous economy through the proper use of fiscal and monetary policies. A must read for policymakers, economists and concerned citizens.' -- Paul Davidson, Journal of Post Keynesian Economics and New School University, New York, US 'Philip Arestis and Malcolm Sawyer offer us an accessible, insightful account of the major issues in current macroeconomics. No one reading his book will doubt the poverty and incoherence of the modern orthodoxy, nor the sad results, especially in underachieving Europe. Nor can one escape the urgent case for the new departures to which the authors have provided this excellent guide.' -- James K. Galbraith, University of Texas, Austin, US