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Monetary Policy in a Monetary Union: Lessons from Simple Models

In: Monetary Unions

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  • Hubert Kempf

    (École Normale Supérieure Paris-Saclay
    NRU Higher School of Economics)

Abstract

This chapter analyses the most prominent issue facing a monetary union, the conduct of a unique and common monetary policy despite the structural heterogeneity of the union. It discusses the various possible objectives of this central bank that shape its policy. It illuminates how the heterogeneity of the union appears as a major challenge through some simple indicators. It develops a simple model of a monetary union that serves to exemplify the main problems addressed in this chapter. It is enriched by the distinction of traded versus non-traded goods and its impact on the conduct of monetary policy. Lastly, non-conventional monetary policy in a monetary union is discussed.

Suggested Citation

  • Hubert Kempf, 2022. "Monetary Policy in a Monetary Union: Lessons from Simple Models," Springer Texts in Business and Economics, in: Monetary Unions, chapter 3, pages 77-119, Springer.
    • Handle: RePEc:spr:sptchp:978-3-030-93232-9_3
    DOI: 10.1007/978-3-030-93232-9_3
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