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 176
... money supply , investment precedes saving and financial instability . Money comes into existence along with debts . For this to be operational , Keynes's view that money wages are more stable than the value of money is adopted by Post ...
... money supply , investment precedes saving and financial instability . Money comes into existence along with debts . For this to be operational , Keynes's view that money wages are more stable than the value of money is adopted by Post ...
Page 241
... money supply exogenously given or endogenous in Hicks's IS - LM ? If total quantity is changed , it will be erroneous to retain the fixity of the money supply assumption in equation ( 9 ) . Either the exogenously given money supply ...
... money supply exogenously given or endogenous in Hicks's IS - LM ? If total quantity is changed , it will be erroneous to retain the fixity of the money supply assumption in equation ( 9 ) . Either the exogenously given money supply ...
Page 244
... money supply . The act of increasing the money supply caused price level incidence , resulting in redistribution and fiscal set externalities . We also said in chapter 5 that Keynes's rate of interest is the price of being ' liquid ...
... money supply . The act of increasing the money supply caused price level incidence , resulting in redistribution and fiscal set externalities . We also said in chapter 5 that Keynes's rate of interest is the price of being ' liquid ...
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