Table of Contents:

"Monetary Policy and Unemployment:
U.S., Euro-area and Japan"
Proceedings of a Conference in Honor of James Tobin
Part I. Overview: Unemployment and Monetary Policy in the
Three Currency Areas
1. Willi Semmler, Introduction

2. Olivier Blanchard (MIT), "Monetary Policy and Unemployment"
3. Edmund Phelps (Columbia University), "Some Notes on Monetary Policy
and Unemployment"
4. Hiroshi Yoshikawa, (University of Tokyo), "The Long Stagnation and of the
Japanese Economy in the 1990s and Macroeconomic Policies"
Part II: Labor Market Institutions and Unemployment

5. Olivier Blanchard (MIT) and Justin Wolfers (Stanford University), "The Role of
Shocks and Institutions in the Rise of European Unemployment: The
Aggregate Evidence.
6. David Howell (New School University), "Labor Market Institutions and
European Unemployment: A Comment on Blanchard and Wolfers."
7. Alistair Dieppe (European Central Bank), Jerome Henry (European Central
Bank, Frankfurt) and Peter McAdam (European Central Bank), "The Labour
Market Dynamics in the Euro Area: A Model-Based Sensitivity Analysis."
Part III: Structuralist Causes of Unemploment and Monetary Policy
8. Edmund Phelps (Columbia University), Hian Teck Hoon (Singapore
Management University) and Gylfi Zoega (Birkbeck College). "The Structuralist
Perspective on Real Exchange Rates, Share Price Level and Employment
Paths: What Room is Left for Money?."
9. Masanao Aoki (UCLA), H. Yoshikawa (University of Tokyo), and Toshihiro
Shimizu (Kanagawa University), "The Long Stagnation and Monetary
Policy in Japan: A Theoretical Explanation."
10. Peter Flaschel (Bielefeld University), Gang Gong (Tsinghua University and
CEM, Bielefeld University) and Willi Semmler (New School University and
CEM, Bielefeld), "Monetary Policy, the Labor Market and Pegged Exchange
Rates: A Study of the German Economy."
Part IV: Monetary Policy Rules, Fiscal Policy and Unemployment
11. Charles Goodhart (Financial Market Group, London School of
Economics), "The Constitutional Position of the Central Bank."
12. Athanasios Orphanides (Federal Reserve Board, Washington, DC),
"Activist Stabilization Policy and Inflation: The Taylor Rule in Action."
13. Antonio Moreno (Columbia University), The Fed`s Monetary Policy Rule: Past,
Present, and Future,"
14. Marco Buti (European Commission, Brussels), and Paul Van den Noord
(OECD), "Tax Reform: Stabilization and Incentive Effects."