Economics of Monetary Union
The market leader and the main specialist book in this area, De Grauwe has built on the success of the previous edition and thoroughly revised and updated this new edition of 'Economics of Monetary Union'. The book covers all the key issues relating to monetary union and will fit with bothundergraduate and postgraduate Economics modules. Clear and concise, it covers the costs and benefits of monetary union in part one and the present workings of the European monetary union in part two. Student friendly and well structured, the book is split into two parts. The first part examines the theory of optimal currency and the costs and benefits of joining a monetary union and the second part looks at the workings of the present monetary union in Europe. De Grauwe applies then appliesthese issues to real life case study examples.NEW IN THIS EDITIONNew, current topics have been added to the book including:- the problems of monetary unification in Latin America and Asia- the transition problems towards EMU for the UK and Central Europe - an analysis of dollarization.- an evaluation of the monetary policies of the European Central BankCase studies analysing the costs and benefits of EMU for the UK and Central Europe.WEB SITEThis book now has a brand new text supporting web site with Power point slides and lecture notes which accompany and enhance the main text.
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Nominal and real depreciations of the currency
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adjustment allows analysis assume asymmetric shocks authorities average become benefits bonds budget deficits capital central bank Chapter conclusion costs countries create credibility currency currency area debt decline demand desired devaluation developed differentials discussed domestic economic effect equilibrium euro Euroland Europe European evidence example exchange rate existence expectations face fact Figure fiscal fixed flexibility follows France French future Germany growth higher important increase independence inflation inflation rate institutions integration interest interest rate issue Italy join labour lead less limits lower markets monetary policies monetary union money stock move negative Note objectives observe occur optimal output political positive present problem productivity reason reduce regional relatively represent requirements result risk rule shifts Source stability studies supply trade unemployment wage