This book studies the interactions between monetary and fiscal poUcies in the euro area. It carefully discusses the process of policy competition and the structure of policy cooperation. As to policy competition, the focus is on competition between the European central bank, the American central bank, the German government, and the French government. As to policy cooperation, the focus is on the same institutions. These are higher-dimensional issues. The pohcy targets are price stability and full employment. The policy makers follow co- turkey or gradualist strategies. The policy decisions...

This book studies the interactions between monetary and wage pohcies in the euro area. It carefully discusses the process of policy competition and the structure of policy cooperation. As to policy competition, the focus is on competition between the European central bank, the American central bank, the German labour union, and the French labour union. As to policy cooperation, the focus is on the same institutions. These are higher-dimensional issues. The policy targets are price stability and full employment. The policy makers follow co- turkey or gradualist strategies. The policy decisions...

This book explores the new economics of monetary union. It carefully discusses the effects of shocks and policies on output and prices. Shocks and policies are country-specific or common. They occur on the demand or supply side. Countries can differ in behavioural functions. Wages can be fixed, flexible, or slow. In addition, fixed wages and flexible wages can coexist. Take for instance fixed wages in Germany and flexible wages in France. Or take fixed wages in Europe and flexible wages in America. A special feature of this book is the numerical estimation of shock and policy multipliers....

Fabrication technologies for nanostructured devices have been developed recently, and the electrical and optical properties of such nanostructures are a subject of advanced research.
This book describes the different approaches to spectroscopic microscopy, i.e., Electron Beam Probe Spectroscopy, Spectroscopic Photoelectron Microscopy, and Scanning Probe Spectroscopy. It will be useful as a compact source of reference for the experienced reseracher, taking into account at the same time the needs of postgraduate students and nonspecialist researchers by using a tutorial approach throughout.

This book, unlike other books, provides readers with a practical yet sophisticated grasp of the macroeconomic principles necessary to understand a monetary union. By definition, a monetary union is a group of countries that share a common currency. The most important case in point is the euro area. Policy makers are the central bank, national governments, and national labour unions. Policy targets are price stability and full employment. Policy makers follow cold-turkey or gradualist strategies. Policy decisions are taken sequentially or simultaneously. The countries can differ in size or...

Explores the scope and limit of macroeconomic policy in the monetary union. The focus is on pure policies, policy mixes and policy co-ordination. Special emphasis is put on wage shocks and wage restraint. Diagrams serve to illustrate the subject in hand.

European monetary unification seems to be one of the most important events in international monetary affairs since the breakdown of Bretton Woods. It pos es a major challenge to central banks, governments, and labour unions. It opens up new fields of economic research that are both intriguing and fascinating. European Monetary Union amounts to a switch of regime. Surely the Mundell- Fleming model of the open economy does no longer apply to Germany or France. The effects of shocks and policies on output and prices should have changed dramatically in size. Some of them should even work in the...

This book studies the coexistence of inflation and unemployment in a monetary union. The focus is on how to reduce the associated loss. The primary target of the European central bank is low inflation in Europe. The primary target of the German government is low unemployment in Germany. And the primary target of the French government is low unemployment in France. The European central bank has a quadratic loss function. The same applies to the German government and the French government. The key questions are: To what extent can the sequential process of monetary and fiscal decisions reduce...

Studying the causes and cures of inflation in a monetary union, this text discusses the effects of money growth and output growth on inflation, focusing on producer inflation, currency depreciation and consumer inflation. It also covers real depreciation and nominal and real interest rates.