Macroeconomics and the Wage Bargain : A Modern Approach to Employment, Inflation, and the Exchange Rate (Paperback)

Introduction; Part I: Macroeconomics with Competitive Microfoundations: The classical model: market clearing and the quantity theory of money; Keynes' model; The neoclassical critique of Keynes and the Keynesian counterattack; The neoclassical revival: Friedman's model; The neoclassical revival: the new classical macroeconomics; Part II: The NAIRU Model: Macroeconomics under Imperfect Competition: The NAIRU model; Monetary growth rate rules and expectations hypotheses; Fiscal policy and the NAIRU model; Incomes policies and the NAIRU model; The NAIRU model and productivity growth; Part III: Macroeconomic Analysis in the Open Economy: Extending IS/LM to the open economy; Competitiveness and external balance; The NAIRU model in the open economy; Exchange rate policies: devaluation, import controls; Monetary, fiscal and incomes policies underfixed exchange rates; More realistic assumptions about pricing and competitiveness; The impact of a raw materials price shock; A contrasting model: the international monetarist model; Floating exchange rates with zero capital mobility; Floating exchange rates and perfect capital mobility: exchange rate expectations; Topics in open economy macroeconomics; Part IV: Microeconomic Foundations and the Problem of Hysteresis: Price setting in imperfectly competitive product markets; Wage setting in imperfectly competitive labour markets; The problem of hysteresis