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 132
... numéraire ; this means Pe = Pa , which follows from the definition of p = 1 / i and definition of prices of availability , i.e. P. = p.i or pe = 1 = Pa ˇ Second , as we argued earlier " Since O , is by definition a quantity of money and ...
... numéraire ; this means Pe = Pa , which follows from the definition of p = 1 / i and definition of prices of availability , i.e. P. = p.i or pe = 1 = Pa ˇ Second , as we argued earlier " Since O , is by definition a quantity of money and ...
Page 135
... numéraire " ( El .: 325 ) and commodity money which should be of metallic nature such as gold or silver ( see El ... numéraire and unity is deduced at the same time as the equality between the demand and offer of the numéraire , so that ...
... numéraire " ( El .: 325 ) and commodity money which should be of metallic nature such as gold or silver ( see El ... numéraire and unity is deduced at the same time as the equality between the demand and offer of the numéraire , so that ...
Page 136
... numéraire , will be made in money at fixed dates . The delivery of the products will also begin immediately and will continue in a given manner during the same period . And the payments for these products , evaluated in numéraire , will ...
... numéraire , will be made in money at fixed dates . The delivery of the products will also begin immediately and will continue in a given manner during the same period . And the payments for these products , evaluated in numéraire , will ...
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