Monetary Policy and the German Unemployment Problem in Macroeconomic Models: Theory and Evidence

Monetary Policy and the German Unemployment Problem in Macroeconomic Models: Theory and Evidence

by Jan Gottschalk
     
 

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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

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Overview

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.

Product Details

ISBN-13:
9783642065040
Publisher:
Springer Berlin Heidelberg
Publication date:
05/26/2011
Series:
Kieler Studien - Kiel Studies Series, #334
Edition description:
Softcover reprint of hardcover 1st ed. 2005
Pages:
288
Product dimensions:
6.14(w) x 9.21(h) x 0.65(d)

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