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By Michael Carlberg

European financial unification appears to be like probably the most very important occasions in foreign financial affairs because the breakdown of Bretton Woods. It pos es an incredible problem to important banks, governments, and labour unions. It opens up new fields of financial learn which are either fascinating and engaging. eu financial Union quantities to a change of regime. without doubt the Mundell­ Fleming version of the open financial system does not follow to Germany or France. the results of shocks and regulations on output and costs must have replaced dramatically in dimension. a few of them should still even paintings within the wrong way now. the current booklet is a part of a bigger learn venture on financial union, see Carlberg (1999, 2000, 2001, 2002, 2003). a few components of this venture have been offered on the global Congress of the overseas monetary organization in Lisbon. different components have been provided on the Macro examine team of the German financial organization, on the Annual assembly of the Austrian fiscal organization in Klagenfurt, on the move au Workshop on overseas Economics, on the Halle Workshop on financial Economics, and on the study Seminar on Macroeconomics in Freiburg. in addition, publication stories have been released within the monetary magazine, Kyklos, the magazine of Economics, and the magazine of Economics and Statistics.

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So what is needed in Germany is a reduction in German govemment purehases of 30. The output gap in France is 30. The fiscal policy multiplier in France is 1. So what is needed in France is an increase in French govemment purehases of 30. Step 4 refers to the output lag. The reduction m German govemment purehases of 30 causes a decline in German output of 30. As a side effect, it causes an increase in French output of 15. The increase in French govemment purehases of 30 causes an increase in French output of 30.

Let initial output in Gennany be 940, and let initial output in France be 1060. The output gap in Gennany is 60, and the output gap in France is - 60. What is needed, then, is an increase in Gennan government purchases of 40 and areduction in French government purchases of equally 40. The increase in Gennan government purchases of 40 raises Gennan output by 40 and lowers French output by 20. The reduction in French govemment purchases of 40 lowers French output by 40 and raises Gennan output by 20.

The inflationary gap in France is 60. The fiscal policy multiplier in France is 1. So what is needed in France is areduction in French govemment purehases of 60. 29 Step 2 refers to the output lag. The increase in German govemment purehases of 60 causes an increase in German output of 60. As a side effect, it causes a decline in French output of 30. The reduction in French govemment purehases of 60 causes a decline in French output of 60. As a side effect, it causes an increase in German output of 30.

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