Written on the occasion of the 50th anniversary of the publication of Piero Sraffa's Production of Commodities by Means of Commodities, the papers selected and contained in Sraffa and the Reconstruction of Economic Theory account for the work completed around the two central aspects of his contribution to economic analysis, namely the criticism of the neoclassical (or marginalist) theory of value and distribution, and the reconstruction of economic theory along the lines of the Classical approach. Divided into three volumes, Sraffa and the Reconstruction of Economic Theory debates the most fruitful routes for advancement in this field and their implications for applied and policy analysis. This second volume focuses on the theory of output and growth as developed in the modern classical approach on the basis of the extension to the long run of the Keynesian principle of effective demand, and on the implications of the revival of the classical approach for policy analysis and for understanding the evolution of the international economic order in the last few decades.

Monetary policy faces a particularly difficult task in most economies going through structural reforms: having to stabilise fluctuations around the trend, central banks have also to deal with a trend that is itself subjected to shifts, as a result of reforms. This book proposes some perspectives on these issues, with various contributions from both practitioners and academics, emphasising how rather simple techniques can be conveniently used to solve complex problems. Several issues are hence considered, each emphasising a particular aspect of the theme proposed: (i) forecasting inflation, with the experience of the Reserve Bank of New Zealand being taken as an example, since this country went through drastic structural change, (ii) understanding underlying trends of inflation, focusing on expectations and data revision, wage-bargaining process and more generally supply effects, since structural change magnifies them, (iii) formulating policy recommendations, the example taken is the strategy towards the euro for Eastern European countries and (iv) assessing risks of sudden stops.

This work describes how the discipline has adapted to changing demands by adopting new insights from economic theory and by taking advantage of the methodological and conceptual advances within time series econometrics.

This 30th edition of the OECD Employment Outlook examines the labour market performance of OECD countries as well as the prospects in the short term.

While recent developments in monetary theory have quickly spread to policy analysis and practice and the media, the same is not true of fiscal policy. This key book assesses these issues through contributions from a host of top names.

Deregulation, privatization and internationalization of the telecommunications industry has brought about enormous changes within both the European and world economy. The dynamics of the Internet and the recent wave of innovations in the telecommunications and computer industry have given rise to new opportunities for entrepreneurship, employment and growth. No doubt, the dynamics and imperfections of today`s information markets raise crucial challenges for Western Europe. The changing patterns of innovation in the digital economy have forced governments to consider new strategies to promote innovation, network effects and growth. In response to these developments this text presents new approaches to macroeconomic modelling, growth theory and trade analysis. Still further, the deregulation policies of OECD-countries are analyzed. An indispensible text for academics and professionals who want to deepen their knowledge of how the New Economy revolution continues to change the economy.