In Part One the focus was on inflation. In Part Two the focus was on unemployment. In Parts Three and Four the focus will be on the coexistence of inflation and unemployment. To be more specific, Part Three will deal with the monetary union as a whole. And Part Four will deal with the monetary union of two countries. Part Three will only deal with monetary policy in Europe. Part Four will deal with
monetary policy in Europe
fiscal policies in Germany and France
central bank and governments decide sequentially
central bank and governments cooperate
central bank and governments differ in loss function.
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