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 Static Modelnsists of two countries, let us say Germany and France. Germany and France form a monetary union. Take for example an increase in European money supply. Then what will be the effect on German output, on French output, and on American output? Alternatively take an increase in German investment, German nominal wages, or German productivity.

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The Union Countries Differ in Sizel, and that the marginal import rate of France relative to Germany is large m. < m.. Now P.Y. denotes German income as measured in euros, P.Y. is French income as measured in euros, m.P.Y. is German imports from France, and m.P.Y. is French imports from Germany.