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 139
... income . Hence while waiting to be paid for the products the entrepreneur has sold or the consumer waiting to receive income , the ' pure capital ' performs a ' service of availability ' by bridging unforeseen changes in the fixed data ...
... income . Hence while waiting to be paid for the products the entrepreneur has sold or the consumer waiting to receive income , the ' pure capital ' performs a ' service of availability ' by bridging unforeseen changes in the fixed data ...
Page 192
... income externality . A distributional externality is realised through the price mechanism . If " ... an external effect takes the form of a redistribution of income due to a price effect we may call it a " distributional externality ...
... income externality . A distributional externality is realised through the price mechanism . If " ... an external effect takes the form of a redistribution of income due to a price effect we may call it a " distributional externality ...
Page 241
... income or quantity , the distribution of income will change . Should the distribution of income be changed , it would give rise to a number of sequential changes depending on the cause of the change and on the accommodating monetary ...
... income or quantity , the distribution of income will change . Should the distribution of income be changed , it would give rise to a number of sequential changes depending on the cause of the change and on the accommodating monetary ...
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