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 145
... equilibrium theory of the classical school ; it could therefore not really be taken into account in this system ... equilibrium or deviation from the rate of net income ( i ) . During phase ( 2 ) when the tâtonnement on p „ takes place ...
... equilibrium theory of the classical school ; it could therefore not really be taken into account in this system ... equilibrium or deviation from the rate of net income ( i ) . During phase ( 2 ) when the tâtonnement on p „ takes place ...
Page 154
... equilibrium but about the economic forces that would move the system to an equilibrium . Walras did not work out the conditions which would bring his system back to a state of equilibrium , if the given endowments or preferences were to ...
... equilibrium but about the economic forces that would move the system to an equilibrium . Walras did not work out the conditions which would bring his system back to a state of equilibrium , if the given endowments or preferences were to ...
Page 245
... equilibrium . " Expectations must be kept self - consistent ; so there can be no revision of expectations at the injunction between one ' short ' period and its successor . The system is in stock equilibrium at each of these junctions ...
... equilibrium . " Expectations must be kept self - consistent ; so there can be no revision of expectations at the injunction between one ' short ' period and its successor . The system is in stock equilibrium at each of these junctions ...
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