Advertisement

© 1999

European Monetary Union

Theory, Evidence, and Policy

Book

Part of the Contributions to Economics book series (CE)

Table of contents

  1. Front Matter
    Pages I-XIV
  2. Introduction

    1. Michael Carlberg
      Pages 1-7
  3. Brief Survey of the Literature

    1. Michael Carlberg
      Pages 9-11
  4. Simple Models

    1. Front Matter
      Pages 13-13
    2. Michael Carlberg
      Pages 15-23
    3. Michael Carlberg
      Pages 23-31
  5. Small Union

    1. Front Matter
      Pages 33-33
    2. Michael Carlberg
      Pages 35-95
    3. Michael Carlberg
      Pages 97-103
    4. Michael Carlberg
      Pages 105-108
  6. Small Union and Associated Countries

    1. Front Matter
      Pages 121-121
    2. Michael Carlberg
      Pages 123-142
    3. Michael Carlberg
      Pages 143-146
    4. Michael Carlberg
      Pages 147-149
  7. Large Union

    1. Front Matter
      Pages 151-151
    2. Michael Carlberg
      Pages 153-167
    3. Michael Carlberg
      Pages 169-170
    4. Michael Carlberg
      Pages 171-184

About this book

Introduction

This book explores the new macroeconomics of the European Monetary Union. It carefully discusses the effects of shocks and policy measures on em­ ployment, prices, and the current account. Take for instance a shock or a policy measure in a specific union country. Then what will be the results in the specific country, in the other union countries, and in the rest of the world? The targets of economic policy are full employment and price stability in each of the union of economic policy are monetary policy by the Euro­ countries. The instruments pean Central Bank and fiscal policies by national governments. What is the appropriate policy mix? A salient feature of this book is the numerical estimation of shock and policy multipliers. Money wages are fixed, flexible or downward rigid. The monetary union can be small or large. I had many helpful talks with Gerd Focke, Daphni-Marina Papadopoulou, Franco Reither, Wolf Schafer, Christine Schafer-Lochte, and Michael Schmid. In addition, Michael Brauninger and Michael Cyrus carefully discussed with me all parts of the manuscript. Last but not least, Doris Ehrich did the secretarial work as excellently as ever. I wish to thank all of them. Executive Summary 1) Small monetary union of two identical countries, say Gennany and France. The monetary union is a small open economy with perfect capital mobili­ ty. Let us begin with fiscal policy.

Keywords

European Central Bank European Monetary Union Europäische Währungsunion Europäische Zentralbank Fiskalpolitik Geldpolitik Preisstabilität Price Stability Währungsunion economic policy fiscal policy macroeconomics monetary policy monetary union

Authors and affiliations

  1. 1.Department of EconomicsFederal UniversityHamburgGermany

Bibliographic information

Industry Sectors
Finance, Business & Banking