Introduction -- The literature -- The wage formation process -- Imperfect integration of securities markets -- Monopolistic competition in bank markets -- Utility from securities holdings -- Hysteresis effects from monetary policy -- The impact of inflation on bank earnings -- Centralised wage formation -- Fiscal policy -- Price stability goal -- Uncertainty concerning policy formation -- Policy uncertainty in a fixed-but-adjustable exchange rate regime -- The impact of uncertainty on wage setting -- Policy implications of monetary non-neutrality
Summary
This work offers a view of monetary policy & regimes. It presents new mechanisms, indicating that money affects long-term production. The consequent policy implications are discussed, including the impact of an independent central bank
Bibliography
Includes bibliographical references (pages 285-303) and index
