Economics of Monetary UnionThe seventh edition of 'Economics of Monetary Union' provides a concise analysis of the theories and policies relating to monetary union. De Grauwe analyses the costs and benefits associated with having one currency as well as the practical workings and current issues involved with the Euro. In the first part of the book the author considers the implications of joining a monetary union through discussion based on an economic cost-benefit analysis. The second part of the book looks at the reality of monetary unions by analysing Europe's experiences, such as how the European Central Bank was designed to conduct a single monetary policy. The seventh edition has been revised to include more discussion of monetary unions outside Europe and, to reflect this fast-moving area, updated coverage of new member states in transition and an updated discussion of the stability pact. Online Resource Centre An online resource centre, featuring supplements for lecturers including PowerPoint slides and an instructor manual, has been updated for this edition. |
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adjustment aggregate demand analysis analyze asymmetric shocks average Belgium bonds budgetary Bundesbank changes chapter conclusion convergence credibility debt-GDP ratio decline default degree demand shocks depreciation desired interest rates devaluation differentials domestic ECB Board economic effect equilibrium euro Europe European Central Bank European Commission European Economy Eurosystem Eurozone Eurozone countries example Figure financial markets fiscal policies fixed exchange rate flexibility form a monetary French Germany Governing Council government debt Growth Pact growth rate important independence indifference curves inflation rate inflation targeting institutions issue Italian Italy join a monetary labour markets lead Maastricht Treaty member countries monetary authorities monetary policies monetary union money stock national monetary policies OCA line optimal currency optimum currency areas output gap Phillips curve political union price increases price stability problem Put differently rate of inflation reduce regional relatively result risk shifts supply shocks symmetry unemployment rate variables