Inflation in a Monetary Union / Edition 1

Inflation in a Monetary Union / Edition 1

by Michael Carlberg
     
 

ISBN-10: 3540433597

ISBN-13: 9783540433590

Pub. Date: 08/05/2002

Publisher: Springer Berlin Heidelberg

This 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. The focus is on producer inflation, currency depreciation and consumer inflation. For instance, what determines the rate of consumer inflation in Europe, and what in America? Moreover, what determines the rate of…  See more details below

Overview

This 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. The focus is on producer inflation, currency depreciation and consumer inflation. For instance, what determines the rate of consumer inflation in Europe, and what in America? Moreover, what determines the rate of consumer inflation in Germany, and what in France? Further topics are real depreciation, nominal and real interest rates, the growth of nominal wages, the growth of producer real wages, and the growth of consumer real wages. Here productivity growth and labour growth play significant roles. Another important issue is target inflation and required money growth. A special feature of this book is the numerical estimation of shock and policy multipliers.

Product Details

ISBN-13:
9783540433590
Publisher:
Springer Berlin Heidelberg
Publication date:
08/05/2002
Edition description:
2002
Pages:
305
Product dimensions:
6.10(w) x 9.25(h) x 0.03(d)

Table of Contents

Introduction1
Pt. 1The Closed Economy11
1The Static Model13
2Given Money Growth17
3Target Inflation and Required Money Growth23
Pt. 2The World of Two Monetary Regions27
Ch. 1The Static Model29
1Fixed Wages29
2Flexible Wages38
Ch. 2Given Money Growth41
1The Dynamic Model41
2Inflation and Depreciation45
3Wage Growth55
4Nominal and Real Interest Rates66
Ch. 3Target Inflation and Required Money Growth71
1Required Money Growth71
2Wage Growth79
Ch. 4The Monetary Regions Differ in Size87
Pt. 3The Monetary Union of Two Countries91
Ch. 1The Static Model93
1Fixed Wages93
2Flexible Wages106
Ch. 2Given Money Growth109
1The Dynamic Model109
2Inflation and Depreciation115
3Wage Growth125
4Nominal and Real Interest Rates136
Ch. 3Target Inflation and Required Money Growth141
1The Dynamic Model141
2Required Money Growth143
3Wage Growth146
Ch. 4The Union Countries Differ in Size151
Pt. 4A One-Good Model of the World Economy157
Ch. 1The World of Two Monetary Regions159
1The Static Model159
2The Dynamic Model161
3Inflation and Depreciation162
4Wage Growth164
5Nominal and Real Interest Rates165
6Target Inflation and Required Money Growth167
Ch. 2The Monetary Union of Two Countries171
1The Static Model171
2The Dynamic Model172
3Given Money Growth174
4Target Inflation and Required Money Growth177
Pt. 5Microfoundations for a Monetary Union179
Ch. 1The World of Two Monetary Regions181
1The Approach181
2The Demand Functions of European Households182
3The Demand Functions of American Households185
4The Market for European Goods188
5The Market for American Goods189
6A First Model of Europe and America190
7The Consumption, Export and Import Functions of Europe191
8The Consumption, Export and Import Functions of America194
9A Second Model of Europe and America197
Ch. 2The Monetary Regions Differ in Size199
1The Model199
2The Exact Solution200
3An Approximate Solution for the Small Monetary Region202
Ch. 3The Large Monetary Union of Two Countries205
1The Approach205
2The Demand Functions of German Households207
3The Demand Functions of French Househodls210
4The Demand Functions of American Households211
5The Market for German Goods213
6The Market for French Goods214
7The Market for American Goods215
8A First Model of Germany, France and America217
9The Consumption, Export and Import Functions of Germany218
10The Consumption, Export and Import Functions of France222
11The Consumption, Export and Import Functions of America226
12A Second Model of Germany, France and America231
Ch. 4The Small Monetary Union of Two Countries233
Synopsis235
Conclusion253
Result281
Symbols289
A Brief Survey of the Literature291
References295
Index303

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