Wage growth has remained under control after the formation of the European Monetary Union (EMU). The literature has advanced numerous explanations to account for this phenomenon. But, arguments about the need to preserve competitiveness in an enlarged market remain too generic. At the same time,...

At the start of the Third Stage of EMU, it was by no means clear whether the ECB would succeed in setting up an efficient framework for distributing liquidity throughout the euro-zone. Now in retrospect, however, the ECB appears to have been quite successful. In this paper, we will look at the...

[From the introduction]. The synchronicity of cycles in real output is a subject that has attracted increased attention in the eld of economics, largely because not only is the international synchronicity of turning points of business cycles a "stylized fact", but also because within a monetary...

This article will first develop the concept of financial motivations, presenting first the relevant variables and then the logic suggesting why they should be linked. Then it will look at monetary policy behaviour in four international monetary systems; the gold standard at the beginning of this...

At the start of the Third Stage of EMU, it was by no means clear whether the ECB would succeed in setting up an efficient framework for distributing liquidity throughout the euro-zone. Now in retrospect, however, the ECB appears to have been quite successful. In this paper, we will look at the...

The first section of this paper defines the terms "weak" and "strong" currency countries and analyzes the balance of payments positions of the EU member countries. It emphasizes Germany's role as the primary strong currency country in the EU and explains the broad coalition patterns that evolved...

The EU has set in place a series of mechanisms to try to co-ordinate fiscal, "structural" and monetary policies in order to achieve the objectives of EMU for the 12 members. All of these mechanisms are unique and untried. There is single monetary policy run by the combination of the national...

[From the introduction]. The synchronicity of cycles in real output is a subject that has attracted increased attention in the eld of economics, largely because not only is the international synchronicity of turning points of business cycles a "stylized fact", but also because within a monetary...

This paper examines a challenge to instituting more egalitarian incomes policies in Europe posed by economic uncertainty and the consequent volatility in economic outcomes, specifically the variance in the profit rate of firms. Rising variance in the profit rate increases costs of equality in...

This paper examines a challenge to instituting more egalitarian incomes policies in Europe posed by economic uncertainty and the consequent volatility in economic outcomes, specifically the variance in the profit rate of firms. Rising variance in the profit rate increases costs of equality in...