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1 The History of Monetary Integration in Europe |
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1 | (18) |
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1.1 The European Payments Union (EPU), 1950--58 |
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3 | (3) |
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1.2 The Bretton Woods System, 1944--71 |
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6 | (3) |
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1.3 A Currency System of `No Commitments', Since 1973 |
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9 | (3) |
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1.4 The European Monetary System (EMS), 1979--98 |
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12 | (7) |
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17 | (2) |
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Part I The Functioning of the Monetary Union |
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19 | (114) |
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2 Theory of Optimum Currency Areas |
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21 | (16) |
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2.1 Wage Rigidity and Money Illusion |
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24 | (4) |
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2.2 The Credibility of a Common Currency |
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28 | (2) |
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29 | (1) |
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2.3 Effects of Collusion in the Labour Market |
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30 | (7) |
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35 | (2) |
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3 The Economic and Monetary Union: Institutions and Credibility |
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37 | (18) |
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3.1 The New Money Constitution |
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38 | (6) |
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3.2 Independence, Accountability and Transparency |
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44 | (5) |
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45 | (2) |
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47 | (1) |
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48 | (1) |
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3.3 The EMU as a Regime of Low Inflation |
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49 | (6) |
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53 | (2) |
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4 Conventional Monetary Policy of the ECB |
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55 | (26) |
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4.1 How Monetary Policy Affects Expenditures and Prices (Transmission Process) |
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55 | (7) |
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4.2 Concepts of Conventional Monetary Policy |
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62 | (7) |
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67 | (1) |
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68 | (1) |
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4.3 The Performance of the Eurosystem |
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69 | (12) |
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77 | (2) |
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79 | (2) |
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5 Fiscal Policy Coordination and the Stability and Growth Pact |
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81 | (24) |
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5.1 How Fiscal Policy Affects Aggregate Demand |
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82 | (3) |
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5.2 Is there a Need to Coordinate National Fiscal Policies? |
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85 | (2) |
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5.3 The Stability and Growth Pact |
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87 | (5) |
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5.4 Fiscal Policies in the EMU |
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92 | (5) |
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97 | (5) |
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102 | (3) |
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104 | (1) |
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6 The EMU and the Wage Bargain |
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105 | (28) |
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6.1 How the Wage Bargain Affects Employment and Real Wages |
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107 | (8) |
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6.2 The Case for a European Wage Standard |
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115 | (10) |
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6.3 Interaction of Monetary Policy and the Wage Bargain |
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125 | (5) |
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130 | (3) |
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132 | (1) |
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Part II Responses to the Financial Crisis |
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133 | (48) |
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7 The ECB's Unconventional Monetary Policy |
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135 | (16) |
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7.1 Emergence of the Financial Crisis in Europe |
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136 | (2) |
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7.2 The Role of Monetary Policy |
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138 | (4) |
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7.3 Asset Purchases in Focus |
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142 | (2) |
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144 | (5) |
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146 | (2) |
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Central Bank Independence |
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148 | (1) |
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149 | (2) |
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150 | (1) |
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8 The Burden of Public Debt and the European Stability Mechanism |
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151 | (16) |
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8.1 Keynes's Tentative Judgements |
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152 | (4) |
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8.2 The Problem of Stock-Flow Consistency in Monetary Economics |
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156 | (5) |
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8.3 The European Stability Mechanism (ESM) |
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161 | (4) |
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165 | (2) |
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9 The Banking Union and Financial Stability |
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167 | (14) |
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9.1 How Bank Intermediation Works |
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168 | (2) |
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9.2 Long-run Solutions: Clearing Bank Balance Sheets |
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170 | (2) |
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9.3 The Functioning of the European Banking Union |
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172 | (5) |
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177 | (4) |
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179 | (2) |
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Part III Long-term Issues |
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181 | (50) |
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10 Real Convergence in a Monetary Union |
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183 | (14) |
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10.1 Long-term Effects of a Monetary Union |
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184 | (3) |
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10.2 Wage and Price Adjustments and the Catch-up |
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187 | (4) |
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10.3 Real Interest Rates and Growth Divergence |
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191 | (2) |
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193 | (4) |
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196 | (1) |
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11 The New European Monetary System |
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197 | (16) |
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11.1 Basic Choices for Pre-Ins |
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198 | (5) |
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203 | (4) |
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11.3 The Performance of Monetary Convergence (Entry Strategies) |
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207 | (6) |
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212 | (1) |
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12 The Debate on Reform Options |
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213 | (18) |
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12.1 The Report of the Five Presidents |
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215 | (4) |
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12.2 A European Unemployment Insurance |
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219 | (3) |
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222 | (4) |
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12.4 Rebalancing Monetary and Fiscal Policies |
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226 | (5) |
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230 | (1) |
Bibliography |
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231 | (8) |
Index |
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239 | |