Economic Policy in a Monetary Union

The book explores the scope and limits of macroeconomic policy in a mo netary union. The focus is on pure policies, policy mixes, and policy coordination. The leading protagonists are the union central bank, nat ional governments, and national trade unions. Special emphasis is put on wage shocks and wage restraint. The book develops a series of basic , intermediate, and advanced models. The monetary union is an open eco nomy with high capital mobility. The exchange rate between the monetar ...