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 10
... instability stems from three states of nature : uncertainty , incomplete knowledge and individual freedom . Keynes proposed a two - fold cure for structural instability . The first was to regulate the monetary system so that organised ...
... instability stems from three states of nature : uncertainty , incomplete knowledge and individual freedom . Keynes proposed a two - fold cure for structural instability . The first was to regulate the monetary system so that organised ...
Page 13
... instability . Our alternative approach seeks to demonstrate the nexus of causality of H5 , which in fact resolves the circular argument of the traditional theory , via a reformulation of the basic monetary questions , such as what is ...
... instability . Our alternative approach seeks to demonstrate the nexus of causality of H5 , which in fact resolves the circular argument of the traditional theory , via a reformulation of the basic monetary questions , such as what is ...
Page 164
... instability and the integration of the real and value models via the rate of interest or price of being liquid . The Treatise reaffirms existing doctrines but the GT represents something new . This new is Keynes's view that the ...
... instability and the integration of the real and value models via the rate of interest or price of being liquid . The Treatise reaffirms existing doctrines but the GT represents something new . This new is Keynes's view that the ...
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