Re-examining Monetary and Fiscal Policy for the 21st Century

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Edward Elgar, Jan 1, 2004 - Business & Economics - 210 pages
'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 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.

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Contents

The new consensus in macroeconomics and monetary policy
10
The macroeconometric model of the Bank of England
27
Figures
35
Copyright

9 other sections not shown

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About the author (2004)

Malcolm Sawyer is Professor of Economics at the University of Leeds, UK and Senior Scholar at the Levy Economics Institute, USA.

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