Macroeconomics of monetary union

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This book offers a practical yet sophisticated understanding of the macroeconomic principles essential for grasping a monetary union, defined as a group of countries sharing a common currency, with the euro area as a key example. It examines the roles of policymakers, including central banks, national governments, and labor unions, focusing on targets like price stability and full employment. The book discusses various strategies—cold-turkey or gradualist—and the sequential or simultaneous nature of policy decisions, highlighting differences in country size and behavior. It also addresses adaptive and rational policy expectations. To illustrate these concepts, the book includes numerical simulations of monetary, fiscal, and wage policies. This work is part of a broader research project on the European Monetary Union, with references provided at the end. Portions of the research have been presented at major conferences, including the World Congress of the International Economic Association and various workshops and seminars across Europe, showcasing its relevance in the field of macroeconomic analysis.