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. The present
book is part of a larger research project on monetary union, see
Carlberg (1999, 2000, 2001). Over the years, in working on this
project, I have benefited from comments by lain Begg, Christopher
Bliss, Volker Clausen, Peter Flaschel, Wilfried Fuhrmann, Michael
Funke, Franz X. Hof, Jay H. Levin, Alfred MauBner, Hans G.
Monissen, Manfred J. M. Neumann, Klaus Neusser, Franco Reither,
Michael Schmid, Jiirgen von Hagen, and Helmut Wagner. In addition,
Michael Brauninger and Alkis Otto carefully discussed with me all
parts of the manuscript. Last but not least, Doris Ehrich did the
secretarial work as excellently as ever. I would like to thank all
of them.
General
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