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Published in:
1999 | OriginalPaper | Chapter
Small Union as a Whole
Author : Prof. Dr. Michael Carlberg
Published in: European Monetary Union
Publisher: Physica-Verlag HD
Included in: Professional Book Archive
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A monetary expansion by the European Central Bank gives rise to a depreciation of the euro. What will be the effect upon union income? On the other hand, a fiscal expansion by union governments gives rise to an appreciation of the euro. How will union income respond to this? And, third, what will be the implications of a wage shock to the union?