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Inflation in a Monetary Union / Edition 1

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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.
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Product Details

  • ISBN-13: 9783540433590
  • Publisher: Springer Berlin Heidelberg
  • Publication date: 8/5/2002
  • Edition description: 2002
  • Edition number: 1
  • Pages: 305
  • Product dimensions: 9.21 (w) x 6.14 (h) x 0.75 (d)

Table of Contents

Introduction 1
Pt. 1 The Closed Economy 11
1 The Static Model 13
2 Given Money Growth 17
3 Target Inflation and Required Money Growth 23
Pt. 2 The World of Two Monetary Regions 27
Ch. 1 The Static Model 29
1 Fixed Wages 29
2 Flexible Wages 38
Ch. 2 Given Money Growth 41
1 The Dynamic Model 41
2 Inflation and Depreciation 45
3 Wage Growth 55
4 Nominal and Real Interest Rates 66
Ch. 3 Target Inflation and Required Money Growth 71
1 Required Money Growth 71
2 Wage Growth 79
Ch. 4 The Monetary Regions Differ in Size 87
Pt. 3 The Monetary Union of Two Countries 91
Ch. 1 The Static Model 93
1 Fixed Wages 93
2 Flexible Wages 106
Ch. 2 Given Money Growth 109
1 The Dynamic Model 109
2 Inflation and Depreciation 115
3 Wage Growth 125
4 Nominal and Real Interest Rates 136
Ch. 3 Target Inflation and Required Money Growth 141
1 The Dynamic Model 141
2 Required Money Growth 143
3 Wage Growth 146
Ch. 4 The Union Countries Differ in Size 151
Pt. 4 A One-Good Model of the World Economy 157
Ch. 1 The World of Two Monetary Regions 159
1 The Static Model 159
2 The Dynamic Model 161
3 Inflation and Depreciation 162
4 Wage Growth 164
5 Nominal and Real Interest Rates 165
6 Target Inflation and Required Money Growth 167
Ch. 2 The Monetary Union of Two Countries 171
1 The Static Model 171
2 The Dynamic Model 172
3 Given Money Growth 174
4 Target Inflation and Required Money Growth 177
Pt. 5 Microfoundations for a Monetary Union 179
Ch. 1 The World of Two Monetary Regions 181
1 The Approach 181
2 The Demand Functions of European Households 182
3 The Demand Functions of American Households 185
4 The Market for European Goods 188
5 The Market for American Goods 189
6 A First Model of Europe and America 190
7 The Consumption, Export and Import Functions of Europe 191
8 The Consumption, Export and Import Functions of America 194
9 A Second Model of Europe and America 197
Ch. 2 The Monetary Regions Differ in Size 199
1 The Model 199
2 The Exact Solution 200
3 An Approximate Solution for the Small Monetary Region 202
Ch. 3 The Large Monetary Union of Two Countries 205
1 The Approach 205
2 The Demand Functions of German Households 207
3 The Demand Functions of French Househodls 210
4 The Demand Functions of American Households 211
5 The Market for German Goods 213
6 The Market for French Goods 214
7 The Market for American Goods 215
8 A First Model of Germany, France and America 217
9 The Consumption, Export and Import Functions of Germany 218
10 The Consumption, Export and Import Functions of France 222
11 The Consumption, Export and Import Functions of America 226
12 A Second Model of Germany, France and America 231
Ch. 4 The Small Monetary Union of Two Countries 233
Synopsis 235
Conclusion 253
Result 281
Symbols 289
A Brief Survey of the Literature 291
References 295
Index 303
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