Willi Semmler is Professor of Economics at the New School University New York, and the Center for Empirical Macroeconomics at Bielefeld University.

• Part One: Overview: Unemployment and Monetary Policy in the Three Currency Areas 1. Monetary Policy and Unemployment Olivier Blanchard (MIT) 2. Some Notes on Monetary Policy and Unemployment Edmund Phelps (Columbia University) 3. Monetary Policy and Unemployment in Japan Hiroshi Yoshikawa, (University of Tokyo) Part Two: Labor Market Institutions and Unemployment 4. The Role of Shocks and Institutions in the Rise of European Unemployment: The Aggregate Evidence Olivier Blanchard (MIT) and Justin Wolfers (Stanford University) 5. Labor Market Institutions and European Unemployment: A Comment on Blanchard and Wolfers Dawid Howel (New School University) 6. The Labour Market Dynamics in the Euro Area: A Model-Based Sensitivity Analysis Alistair Dieppe (European Central Bank), Jerome Henry (European Central Bank, Frankfurt) and Peter McAdam (European Central Bank) Part Three: Structuralist Causes of Unemploment and Monetary Policy 7. The Structuralist Perspective on Real Exchange Rates, Share Price Level and Employment Paths: What Room is Left for Money? Edmund Phelps (Columbia University), Hian Teck Hoon (Singapore Management University) and Gylfi Zoega (Birkbeck College) 8. The Long Stagnation and Monetary Policy in Japan: A Theoretical Explanation H. Yoshikawa (University of Tokyo), Masanao Aoki (UCLA), and Toshihiro Shimizu (Kanagawa University) 9. Monetary Policy, the Labor Market and Pegged Exchange Rates: A Study of the German Economy Peter Flaschel (Bielefeld University), Gang Gong (Tsinghua University and CEM, Bielefeld University) and Willi Semmler (New School University and CEM, Bielefeld) Part Four: Monetary Policy Rules, Fiscal Policy and Unemployment 10. The Constitutional Position of the Central Bank Charles Goodhart (Financial Market Group, London School of Economics) 11. Activist Stabilization Policy and Inflation: The Taylor Rule in Action Athanasios Orphanides (Federal Reserve Board, Washington, DC) 12. The Fed`s Monetary Policy Rule: Past, Present, and Future Antonio Moreno (Columbia University) 13. Tax Reform: Stabilization and Incentive Effects Marco Buti (European Commission, Brussels), and Paul Van den Noord (OECD)