Titlebook: Inflation in a Monetary Union; Michael Carlberg Book 2002 Springer-Verlag Berlin Heidelberg 2002 Inflation.consumer.growth.interest rates.

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The Large Monetary Union of Two Countriesutes in consumption. Europe and America are the same size and have the same behavioural functions. Similarly, Germany and France are the same size and have the same behavioural functions. These assumptions will be relaxed below, see Chapter 4.

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Target Inflation and Required Money Growthcentral bank is to maintain price stability in America. Strictly speaking, the objective of the American central bank is to keep consumer inflation in America at target level. Let Ĵ. designate the target rate of consumer inflation in America.

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Given Money Growthrow at a constant rate of 1 percent, let French output grow at a constant rate of 3 percent, let American output grow at a constant rate of 2 percent, let European money supply grow at a constant rate of 3 percent, and let American money supply grow at a constant rate of 4 percent. This gives rise to a number of questions.

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Overview: The book studies especially the situation in the new European monetary union.Includes supplementary material: 978-3-642-07769-2978-3-540-24759-3

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IntroductionThis book studies the causes and cures of inflation in a monetary union. It carefully discusses the effects of money growth and output growth on inflation. Further topics are the effects on currency depreciation, wage growth, and interest rate levels. This book takes new approaches that are firmly grounded on modern macroeconomics.

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