Titlebook: Inflation and Unemployment in a Monetary Union; Michael Carlberg Book 2008 Springer-Verlag Berlin Heidelberg 2008 European Monetary Union.

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ctive under the thrust of newemerging applications. .Among the subjects covered are: . .Control ofdistributed parameter systems; ..Stochastic control;..Applicat978-1-4757-4868-0978-0-387-35359-3Series ISSN 1868-4238 Series E-ISSN 1868-422X

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Introductionemployment. The targets of the European central bank are zero inflation and zero unemployment in Europe. A reduction in European money supply lowers inflation in Europe. On the other hand, it raises unemployment there. We assume that the European central bank has a quadratic loss function. The Europ

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Fiscal Policies in Germany and Francere the same size and have the same behavioural functions. An increase in German government purchases raises producer inflation in Germany. Correspondingly, an increase in French government purchases raises producer inflation in France. For ease of exposition we assume that fiscal policy in one of th

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Central Bank and Governments Cooperate, π. is producer inflation in France, π is producer inflation in Europe, M is European money supply, G. is German government purchases, and G. is French government purchases. The endogenous variables are producer inflation in Germany, producer inflation in France, and producer inflation in Europe..2

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The Countries Differ in Sizemy is small. More precisely, we assume that full-employment output in Germany is large and full-employment output in France is small. An increase in European money supply raises producer inflation in Germany and France, to the same extent respectively.

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Monetary Policy in Europere the same size and have the same behavioural functions. An increase in European money supply lowers unemployment in Germany and France, to the same extent respectively. Here, strictly speaking, unemployment in Germany refers to the rate of unemployment in Germany. Similarly, unemployment in France

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