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Monetary Policy and Macroeconomic Stabilization: The Roles of Optimum Currency Area, Sacrifice Ratios, and Labor Market Adjustment

发布时间:2010-05-28

Monetary Policy and
Macroeconomic Stabilization: The Roles of Optimum Currency Area,
Sacrifice Ratios, and Labor Market Adjustment

Monetary Policy and Macroeconomic Stabilization: The Roles of Optimum Currency Area, Sacrifice Ratios, and Labor Market Adjustment
By Ole Bjorn Roste

As a fundamental review and critique of activist economic policies, this book is a unique contribution to classical political economy. It’s about macroeconomic stabilization policy, with emphasis on the value of a distinct national monetary policy to growth. Ole Bjorn Roste's argument is for public officials to restrain themselves in the pursuit of policy. In this book, Roste discusses the role of monetary policy, starting out with the implications of the theory of optimum currency areas. This is followed by estimates of the output loss associated with disinflation policy (the sacrifice ratio) for six OECD economies. Further, Roste models the dynamic adjustment to negative, local labor-market shocks, with particular relevance to Scandinavia.

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