Economic and Monetary Union (EMU) has transformed Europe and has created an integrated pan-European economy. Much research has focused on understanding this integration process and what benefits and costs it entails. This paper identifies a political economy channel of EMU as the monetary union...

Over the last two centuries, the cross-spectral coherence between either narrow or broad money growth and inflation at the frequency ù=0 has exhibited little variationbeing, most of the time, close to onein the U.S., the U.K., and several other countries, thus implying that the fraction of...