This book explores the scope and limits of macroeconomic policy in
a monetary union. The focus is on pure policies, policy mixes, and
policy coordination. The leading protagonists are the union central
bank, national governments, and national trade unions. Special
emphasis is put on wage shocks and wage restraint. This book
develops a series of basic, intennediate, and advanced models. A
striking feature is the numerical estimation of policy multipliers.
A lot of diagrams serve to illustrate the subject in hand. The
monetary union is an open economy with high capital mobility. The
exchange rate between the monetary union and the rest of the world
is floating. The world interest rate can be exogenous or
endogenous. The union countries may differ in money demand,
consumption, imports, openness, or size. Previous versions of some
parts were presented at the Annual Conference of the Gennan
Economic Association and . at the Workshop on International
Economics. I have benefited from comments by Christopher Bliss,
Volker Clausen, Johannes Hackmann, Bernd Hayo, Jay H. Levin, Reinar
Ludeke, Dirk Meyer, Jochen Michaelis, Franco Reither, Gerhard
Rubel, WolfScMfer, Michael Schmid, Reinhard Selten, Hans-Werner
Sinn, Sylvia Staudinger, Thomas Straubhaar, Bas van Aarle, and
Artur Woll. In addition, Michael Brauninger and Michael Cyrus
carefully discussed with me all parts of the manuscript. Last but
not least, Doris Ehrich did the secretarial work as excellently as
ever. I wish to thank all of them. Executive Summary 1) The
monetary union as a whole. First consider fiscal policy.
General
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