The second article, reprinted from the Wall Street Journal/Europe, suggests a compromise between a centralized and decentralized structure for the union.

Global trade and payments data, although absolutely essential to an understanding of the pattern and direction of world commerce, are not completely unambiguous. Compilers of such data face numerous problems of definition and measurement of particular components of nations’ aggregate external...

The first article examines the history and theory of monetary unions to ask what factors will foster a stable European Monetary Union. It concludes that a decentralized arrangement of national central banks may undermine the EMU’s durability.

An abstract for this article is not available

An abstract for this article is not available

Contrary to the strawman “classical” model of the textbooks, the original classical economists did not believe that money-stock changes affect only the price level and not real output and employment. Most classicals saw money as having powerful short-run real effects and perhaps some...

An abstract for this article is not available.

An abstract for this article is not available.

The year 1982 saw the publication of Nicholas Kaldor’s The Scourge of Monetarism. Kaldor claimed his antimonetarist tract was in the tradition of Keynes’s 1936 General Theory. This article shows that Kaldor’s antimonetarist doctrines as well as their rival monetarist counterpart long...