Abstract
AbstractThis treatise emphasizes a potential trade-off between nominal interest and exchange rate impulses in the European Monetary Union. More generally, joining members of any monetary union are likely to experience considerable macroeconomic effects due to lasting changes in interest and exchange rates – relative to a situation without monetary union. These changes are caused by the transiton to the monetary union, because central bank interest rates are equalized and exchange rates are fixed.KeywordsExchange RateInterest RateMonetary UnionNominal Interest RateNominal Exchange RateThese keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.
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