Enter your search into one or more of the boxes below:
You can refine your search by selecting from any of the options below:
Monetary Policy and Macroeconomic Stabilization: The Roles of Optimum Currency Areas, Sacrifice Ratios, and Labor Market Adjustment

Monetary Policy and Macroeconomic Stabilization: The Roles of Optimum Currency Areas, Sacrifice Ratios, and Labor Market Adjustment (Hardback)

Currently unavailable to order online.
Email me when back in stock


As a fundamental review and critique of activist economic policies, this book is a unique contribution to classical political economy. "Monetary Policy and Macroeconomic Stabilization" is 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. As the author notes: when you know less, you should do less.The history of modern macroeconomics started in 1936 with the publication of Keynes' "General Theory of Employment, Interest, and Money". The problems of the Great depression of the 1930s paved the way for a change of focus, from the long run to economic fluctuations in the short run, and from nominal to real variables, such as unemployment and aggregate output.Keynes offered clear policy implications in tune with the times. Because economic adjustment was slow, waiting for the economy to recover by itself was irresponsible. Particularly fiscal policy was essential to return to high employment. Monetary policy could affect aggregate demand through Interest rates, but was less important.

Roste discusses the role of monetary policy, starting out with the implications of the theory of optimum currency areas (OCAs). 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, in a final section.The idea that governments should pursue stabilizing fiscal or monetary policies with regard to real variables is often taken for granted by the public, if not by economists. Among the reasons for skepticism, is the presence of differing views on how economies really work, that the state of a given economy becomes known only after a time lag, and that economic agents react to policy and expectations of policy. For these reasons, the effects of policy are generally uncertain. This book explains why the role of history is critical to the study of macroeconomics.p>

BusinessEconomicsEconomic theory & philosophyBusinessEconomicsMacroeconomicsMonetary economics Publisher: Taylor & Francis Inc Publication Date: 01/07/2008 ISBN-13: 9781412807487  Details: Type: Hardback Format: Books
Availability: Currently unavailable to order online.  

Ole Bjorn Roste is associate professor of political science at the Norwegian University of Science and Technology. His research interests include economics, public policy, and the politics of monetary arrangements particularly dealing with European monetary unification.

More books by Ole Roste

Leave Review


Delivery Options

All delivery times quoted are the average, and cannot be guaranteed. These should be added to the availability message time, to determine when the goods will arrive. During checkout we will give you a cumulative estimated date for delivery.

Location 1st Book Each additional book Average Delivery Time
UK Second Class Available free for ALL orders. No charge for each additional book. 3-7 Days
UK First Class £4.50 £1.00 1-2 Days
UK Courier £7.00 £1.00 1-2 Days
Western Europe** Courier £17.00 £3.00 2-3 Days
Western Europe** Airmail £5.00 £1.50 4-14 Days
USA / Canada Courier £20.00 £3.00 2-4 Days
USA / Canada Airmail £7.00 £3.00 4-14 Days
Rest of World Courier £22.50 £3.00 3-6 Days
Rest of World Airmail £8.00 £3.00 7-21 Days

** Includes Austria, Belgium, Denmark, France, Germany, Greece, Iceland, Irish Republic, Italy, Luxembourg, Netherlands, Portugal, Spain, Sweden and Switzerland.

Delivery Help & FAQs

Returns Information

If you are not completely satisfied with your purchase*, you may return it to us in its original condition with in 30 days of receiving your delivery or collection notification email for a refund. Except for damaged items or delivery issues the cost of return postage is borne by the buyer. Your statutory rights are not affected.

* For Exclusions and terms on damaged or delivery issues see Returns Help & FAQs

You might also like

The Deutsche Bundesbank Money Museum
Deutsche Bundesbank
Foundations of Modern Macroeconomics
Ben J. Heijdra
The Shadow Banking System: Creating...
Valerio Lemma

Currently out of stock

Swiss Monetary History since the ...
Ernst Baltensperger; Peter Kugler

Currently out of stock

Latest Blog
Blog - J R Wallis on Monsters as Metaphors

J R Wallis questions the conventional view of monsters as metaphors for the worries we have about the state of the world around us.

#FoylesFive: Creative Women

Meg from the Web Team tells us why she loves to learn about creative, dynamic women.

Blog - What are the Books Teachers Never Tire of Teaching?

The Secret Teacher talks about the books that keep on giving year after year.

View all Blog Entries
Show/Hide Tweets
© W&G Foyle Ltd