In this paper we introduce and test the hypothesis that the relation between inflation and unemployment has been in many countries subject to a significant change in the early 1990's after the disinflation period. That period began between 1975 and 1980 after the first (or the second) oil price...

Chapter 1. Introduction -- Chapter 2. From Plurality of Issue to Monopoly and Back: 1850-60 -- Chapter 3. From the "Law of Impediments" to Restoration of Monopoly: 1860-66 -- Chapter 4. The Treasury as a Monopolist Note Issuer: 1866-89 -- Chapter 5. Taking Stock: Monetary and Banking Policy in...

Nobel Prize winner James Tobin has made outstanding contributions to modern macroeconomics. In this final collection of his work he examines the economic policies of the United States and its relations with other major economies after 1990. In James Tobin's view, the welfare of populations...