01626nam a2200157Ia 450000500170000000800390001702000180005608200150007410000200008924501050010926000360021430000140025052011560026465000250142070000230144520260302161943.0260302s9999    xx          000 0 und d  a9781843765837  a339.5bARE  aArestis, Philip 0aRe-examining Monetary and Fiscal Policy for the 21st Century / cArestis, Philip; Sawyer, Malcolm C.  bEdward Elgar Publishing, c2004  a232 pages  aThis book provides a much-needed re-examination of monetary and fiscal policies, their application in the real world and their potential for macroeconomic policy in the 21st century. It provides a detailed discussion and critique of the 'new consensus' in macroeconomics along with the monetary and fiscal policies encapsulated within it. The authors argue that monetary policy is an ineffective means of controlling inflation and, if not used properly, can also have detrimental effects on the supply-side of the economy. They further contend that fiscal policy remains a potent instrument for influencing aggregate demand. Using detailed analysis the authors emphasise the role of capacity constraints as possible inflation barriers and argue against the NAIRU as a labour market phenomenon. The book concludes by critically examining the economic policies of the European Economic and Monetary Union. Written by two of the leading scholars in the field, this provocative new volume is concise, well argued and rich in new insights. It will interest all those concerned with the current problems and future development of monetary and fiscal policy.  aBusiness & Economics  aSawyer, Malcolm C.