Inflation and Unemployment in a Monetary Union / Edition 1

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More About This Textbook

Overview

This book studies the coexistence of inflation and unemployment in a monetary union. The focus is on how to reduce the associated loss. The primary target of the European central bank is low inflation in Europe. The primary target of the German government is low unemployment in Germany. And the primary target of the French government is low unemployment in France. The European central bank has a quadratic loss function. The same applies to the German government and the French government. The key questions are: To what extent can the sequential process of monetary and fiscal decisions reduce the loss caused by inflation and unemployment? Is monetary and fiscal cooperation superior to the sequential process of monetary and fiscal decisions?
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Product Details

  • ISBN-13: 9783540793007
  • Publisher: Springer Berlin Heidelberg
  • Publication date: 10/10/2008
  • Edition description: 2008
  • Edition number: 1
  • Pages: 243
  • Product dimensions: 5.90 (w) x 9.40 (h) x 0.70 (d)

Table of Contents

Introduction 1

1 Subject and Approach 1

2 The Monetary Union as a Whole 2

3 The Monetary Union of Two Countries 3

3.1 Monetary Policy in Europe 3

3.2 Fiscal Policies in Germany and France 4

3.3 Central Bank and Governments Decide Sequentially 5

3.4 Central Bank and Governments Cooperate 6

3.5 Central Bank and Governments Differ in Loss Function 7

Part 1 The Rate of Inflation 9

Chapter 1 Monetary Policy in Europe 11

1 The Model 11

2 Some Numerical Examples 14

Chapter 2 Fiscal Policies in Germany and France 19

1 The Model 19

2 A Numerical Example 22

Chapter 3 Central Bank and Governments Decide Sequentially 25

1 The Dynamic Model 25

2 Some Numerical Examples 28

Chapter 4 Central Bank and Governments Cooperate 32

1 The Model 32

2 Some Numerical Examples 34

Chapter 5 The Countries Differ in Size 37

Chapter 6 The Countries Differ in Behaviour 41

Chapter 7 The Monetary Union of Three Countries 45

Part 2 The Rate of Unemployment 49

Chapter 1 Monetary Policy in Europe 51

1 The Model 51

2 Some Numerical Examples 54

Chapter 2 Fiscal Policies in Germany and France 59

1 The Model 59

2 A Numerical Example 62

Chapter 3 Central Bank and Governments Decide Sequentially 65

1 The Dynamic Model 65

2 Some Numerical Examples 68

Chapter 4 Central Bank and Governments Cooperate 72

1 The Model 72

2 Some Numerical Examples 74

Chapter 5 The Countries Differ in Size 77

Chapter 6 The Countries Differ in Behaviour 81

Chapter 7 The Monetary Union of Three Countries 85

Part 3 Inflation and Unemployment: The Monetary Union as a Whole 89

Chapter 1 The Model 91

1 The Model of Inflation and Unemployment 91

2 The Loss Function of theEuropean Central Bank 92

3 Policy Model A 93

4 Policy Model B 94

5 Policy Model C 95

6 Policy Model D 96

Chapter 2 Some Numerical Examples 98

1 Weight of Inflation in Loss Function is 0.5 98

2 Weight of Inflation in Loss Function is 0.75 104

3 Weight of Inflation in Loss Function is 1 106

Chapter 3 Monetary Policy in the Phillips Curve Diagram 109

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