Introduction -- The history of the minimum wage in the United States -- The effects of minimum wages on employment -- Minimum wage effects on the distribution of wages and earnings -- The effects of minimum wages on the distribution of incomes -- The effects of minimum wages on skills -- The...

A comprehensive review of evidence on the effect of minimum wages on employment, skills, wage and income distributions, and longer-term labor market outcomes concludes that the minimum wage is not a good policy tool.

The focus of monetary policy has shifted markedly over the past 15 years away from attempts to fine tune the economy towards the longer-run goal of attaining price stability and creating the necessary conditions for sustainable economic growth. In an attempt to minimise the costs of such a...