employment and inflation under the conditions of independent central banks. …

Starting from a Post-Keynesian model in which employment is determined by effective de¬mand and the NAIRU is viewed as … a limit to employment, enforced by monetary policy re¬acting upon conflict inflation, the effects of central bank … independence and labour market institutions on macroeconomic performance are considered and the perspectives for employ¬ment and …

employment policy. Here the utilization of the capital stock below normal is distinguished from full utilization and it is shown …