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Extra resources for Macroeconomics of Monetary Union
And deflation in Germany equals inflation in France. Step 3 refers to fiscal policies in Germany and France. The output gap in Germany is 45. The fiscal policy multiplier in Germany is 1. So what is needed in Germany is an increase in German government purchases of 45. The 37 inflationary gap in France is 45. The fiscal policy multiplier in France is 1. So what is needed in France is a reduction in French government purchases of 45. Step 4 refers to the output lag. The increase in German government purchases of 45 raises German output by 45.
So what is needed in France is a reduction in French government purchases of 45. Step 4 refers to the output lag. The increase in German government purchases of 45 raises German output by 45. And the reduction in French government purchases of 45 lowers French output by 45. As a consequence, German output goes from 955 to 1000, and French output goes from 1045 to 1000. In each of the countries there is now full employment and price stability. 12 gives an overview. 12 Competition between tlie European Central Bank, the German Government, and the French Government Unemployment in Germany, Inflation in France Initial Output Germany France 940 1030 Change in Money Supply Output Change in Government Purchases Output 15 955 1045 45 -45 1000 1000 6) Unemployment in Germany, inflation in France: another case.
In France there is now some unemployment and deflation. And in Europe there is now fall employment and price stability. Overemployment in Germany equals unemployment in France. And inflation in Germany equals deflation in France. Step 3 refers to fiscal policies in Germany and France. The inflationary gap in Germany is 15. The fiscal policy multiplier in Germany is 1. So what is needed in Germany is a reduction in German government purchases of 15. The output gap in France is 15. The fiscal policy multiplier in France is 1.