European Monetary Union: An Application of the Fundamental Principles of Monetary TheoryThis study applies five basic economic principles to the reasons underlying European economic and monetary union. It aims to explain why EMU was agreed to; when it would be realized; how the monetary unit would be established; which means should implement it; and what purpose it should serve. |
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Page 144
... determination of Pu Walras recognises this by stating : If we first suppose [ general ] economic equilibrium to be ... determined by the necessity of the total demand for increased cash in the asset sense to be zero in equilibrium ...
... determination of Pu Walras recognises this by stating : If we first suppose [ general ] economic equilibrium to be ... determined by the necessity of the total demand for increased cash in the asset sense to be zero in equilibrium ...
Page 145
... determined in the capital market , represented the movements of this variable by the directly proportionate Pu Pu ' When discussing the role of money savings , we opted for an alternative solution . We said that application of Walras's ...
... determined in the capital market , represented the movements of this variable by the directly proportionate Pu Pu ' When discussing the role of money savings , we opted for an alternative solution . We said that application of Walras's ...
Page 244
... determined by the speculative motive ; the role of speculation is theoretically important because it is the speculators who hold varied expectations about whether the new rate of interest is below their ' expected normal rate ' . In ...
... determined by the speculative motive ; the role of speculation is theoretically important because it is the speculators who hold varied expectations about whether the new rate of interest is below their ' expected normal rate ' . In ...
Contents
Treaty on economic and monetary union | 15 |
A monetarytheoretic approach to | 76 |
7 | 111 |
Copyright | |
9 other sections not shown
Common terms and phrases
anchor argued assets assumed assumption Bundesbank chapter Cipolla commodity money Community competitive confidence externalities convergence countries debt deficits demand determined economic effects efficiency equation equilibrium ESCB established European Monetary European Monetary System exchange rate expectations external economy fixed exchange rates function fund global growth H1 to H5 Hence Hicks income increase induced inflation instability instruments integration interdependence interest rate internalised investment Keynes Keynes's liquidity preference London marginal Member monetary institutions monetary policy monetary system monetary theory Monetary Union money externalities money process money supply national central banks Optimum Currency Areas parallel currency payments political price level externalities price stability private ECU production rate of interest reserves savings sector seigniorage seigniorage externalities service of availability single currency stage of EMU store of value systemic risk technological externalities theoretical theory of money Thygesen trade transaction costs Triffin Walras Walras's paper money