Inflation in a Monetary Union

By: Michael Carlberg

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Hardcover | 1 June 2002

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324 Pages

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23.5 x 15.88 x 2.54

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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.

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Non-Fiction Economics Macroeconomics Monetary Economics Accounting & Finance Accounting Business & Management International Business Political Economy International Economics

Introduction	p. 1
The Closed Economy	p. 11
The Static Model	p. 13
Fixed Wages	p. 13
Flexible Wages	p. 16
Given Money Growth	p. 17
The Dynamic Model	p. 17
Inflation and Wage Growth	p. 20
Nominal and Real Interest Rates	p. 22
Target Inflation and Required Money Growth	p. 23
The World of Two Monetary Regions	p. 27
The Static Model	p. 29
Fixed Wages	p. 29
Flexible Wages	p. 38
Given Money Growth	p. 41
The Dynamic Model	p. 41
Inflation and Depreciation	p. 45
Producer Inflation	p. 45
Nominal Depreciation	p. 46
Real Depreciation	p. 48
Consumer Inflation	p. 50
Wage Growth	p. 55
Productivity Growth	p. 55
Labour Growth	p. 60
Nominal and Real Interest Rates	p. 66
Target Inflation and Required Money Growth	p. 71
Required Money Growth	p. 71
The Dynamic Model	p. 71
Required Money Growth	p. 72
Nominal Depreciation	p. 74
Nominal Interest Rates	p. 75
Producer Inflation	p. 77
Wage Growth	p. 79
The Dynamic Model	p. 79
Productivity Growth	p. 80
Labour Growth	p. 83
The Monetary Regions Differ in Size	p. 87
The Monetary Union of Two Countries	p. 91
The Static Model	p. 93
Fixed Wages	p. 93
Flexible Wages	p. 106
Given Money Growth	p. 109
The Dynamic Model	p. 109
Inflation and Depreciation	p. 115
Producer Inflation	p. 115
Nominal Depreciation	p. 116
Real Depreciation	p. 117
Consumer Inflation	p. 120
Wage Growth	p. 125
Productivity Growth	p. 125
Labour Growth	p. 130
Nominal and Real Interest Rates	p. 136
Target Inflation and Required Money Growth	p. 141
The Dynamic Model	p. 141
Required Money Growth	p. 143
Wage Growth	p. 146
The Union Countries Differ in Size	p. 151
A One-Good Model of the World Economy .157
The World of Two Monetary Regions	p. 159
The Static Model	p. 159
The Dynamic Model	p. 161
Inflation and Depreciation	p. 162
Wage Growth	p. 164
Nominal and Real Interest Rates	p. 165
Target Inflation and Required Money Growth	p. 167
The Monetary Union of Two Countries	p. 171
The Static Model	p. 171
The Dynamic Model	p. 172
Given Money Growth	p. 174
Target Inflation and Required Money Growth	p. 177
Microfoundations for a Monetary Union	p. 179
The World of Two Monetary Regions	p. 181
The Approach	p. 181
The Demand Functions of European Households	p. 182
The Demand Functions of American Households	p. 185
The Market for European Goods	p. 188
The Market for American Goods	p. 189
A First Model of Europe and America	p. 190
The Consumption, Export and Import Functions of Europe	p. 191
The Consumption, Export and Import Functions of America	p. 194
A Second Model of Europe and America	p. 197
The Monetary Regions Differ in Size	p. 199
The Model	p. 199
The Exact Solution	p. 200
An Approximate Solution for the Small Monetary Region	p. 202
The Large Monetary Union of Two Countries	p. 205
The Approach	p. 205
The Demand Functions of German Households	p. 207
The Demand Functions of French Households	p. 210
The Demand Functions of American Households	p. 211
The Market for German Goods	p. 213
The Market for French Goods	p. 214
The Market for American Goods	p. 215
A First Model of Germany, France and America	p. 217
The Consumption, Export and Import Functions of Germany	p. 218
The Consumption, Export and Import Functions of France	p. 222
The Consumption, Export and Import Functions of America	p. 226
A Second Model of Germany, France and America	p. 231
The Small Monetary Union of Two Countries	p. 233
Synopsis	p. 235
The World of Two Monetary Regions	p. 235
Given Money Growth	p. 235
Target Inflation and Required Money Growth	p. 238
The Monetary Union of Two Countries	p. 240
Given Money Growth	p. 240
Target Inflation and Required Money Growth	p. 243
A One-Good Model of the World Economy	p. 245
The World of Two Monetary Regions	p. 245
The Monetary Union of Two Countries	p. 249
Conclusion	p. 253
The World of Two Monetary Regions 25	p. 3
Given Money Growth	p. 253
Target Inflation and Required Money Growth	p. 259
The Monetary Regions Differ in Size	p. 263
The Monetary Union of Two Countries	p. 264
Given Money Growth	p. 264
Target Inflation and Required Money Growth	p. 270
The Union Countries Differ in Size	p. 272
A One-Good Model of the World Economy	p. 272
The World of Two Monetary Regions	p. 272
The Monetary Union of Two Countries	p. 275
Microfoundations for a Monetary Union	p. 276
The World of Two Monetary Regions	p. 276
The Monetary Union of Two Countries	p. 278
Result	p. 281
The World of Two Monetary Regions	p. 281
Given Money Growth	p. 281
Target Inflation and Required Money Growth	p. 283
The Monetary Union of Two Countries	p. 285
Given Money Growth	p. 285
Target Inflation and Required Money Growth	p. 287
Symbols	p. 289
A Brief Survey of the Literature	p. 291
References	p. 295
Index	p. 303
Table of Contents provided by Publisher. All Rights Reserved.

Inflation in a Monetary Union

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