Inflation in a Monetary Union
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Springer-Verlag Berlin Heidelberg GmbH
Michael Carlberg
Inflation •
In a
Monetary Union With 2 Figures and 26 Tables
"
Springer
Professor Michael Carlberg Federal University of Hamburg Department of Economics Holstenhofweg 85 22043 Hamburg Germany
ISBN 978-3-642-07769-2 DOI 10.1007/978-3-540-24759-3
ISBN 978-3-540-24759-3 (eBook)
Library of Congress Cataloging-in-Publication Data applied for Die Deutsche Bibliothek - CIP-Einheitsaufnahme Carlberg, Michael: Inflation in a Monetary Union: with 26 Tables / Michael Carlberg.Berlin; Heidelberg; New York; Barcelona; Hong Kong; London; Milan; Paris; Tokyo: Springer, 2002 This work is subject to copyright. AII rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, re citation, broadcasting, reproduction on microfilm or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9, 1965, in its current version, and permis sion for use must always be obtained from Springer-Verlag. Violations are liable for prosecution under the German Copyright Law.
http://www.springer.de Springer-Verlag Berlin Heidelberg 2002 Originally published by Springer-Veriag Berlin Heidelberg New York in 2002 Softcover reprint of the hardcover Ist edition 2002
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The use of general descriptive names, registered names, trademarks, etc. in this publicat ion does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. Cover design: Erich Kirchner, Heidelberg SPIN
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Preface
This book studies the causes and cures of inflation in a monetary union. It carefully discusses the effects of money growth and output growth on inflation. The focus is on producer inflation, currency depreciation and consumer inflation. For instance, what determines the rate of consumer inflation in Europe, and what in America? Moreover, what determines the rate of consumer inflation in Germany, and what in France? Further topics are real depreciation, nominal and real interest rates, the growth of nominal wages, the growth of producer real wages, and the growth of consumer real wages. Here productivity growth and labour growth play significant roles. Another important issue is target inflation and required money growth. A special feature of this book is the numerical estimation of shock and policy multipliers. The present book is part of a larger research project on monetary union, see Carlberg (1999, 2000, 2001). Over the years, in working on this project, I have benefited from comments by lain Begg, Christopher Bliss, Volker Clausen, Peter Flaschel, Wilfried Fuhrmann, Michael Funke, Franz X. Hof, Jay H. Levin, Alfred MauBner, Hans G. Monissen, Manfred J. M. Neumann, Klaus Neusser, Franco Reither, Michael Schmid, Jiirgen von Hagen, and
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