By J. C. R. Dow

Hard authorised knowledge of financial conception, this examine of the idea of economic coverage in England analyzes the habit of the banking process and the problems of significant financial institution keep an eye on, and argues that cash production is an endogenous method, made up our minds in part through the cost point.

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28 See Levhari and Patinkin (1968) and Johnson (1969b). Gylfason and Herbertsson (1996) examine an endogenous growth model where real money enters as a production factor. In this model context, a higher in¯ation has the effect of lowering the economy's growth rate. 29 See amongst others Correia and Teles (1996). Chari, Christiano, and Kehoe (1996) specify the services rendered by real money both through a utility function including money and through transaction cost functions which specify shopping time and the resources spent in the ®nancial sector on money creation.

9 According to Benassy (1995b), nominal wage contracts can, however, be explained as rational behaviour when there are negotiation costs associated with changes in the nominal wage and when the wage setters desire an optimal trade-off between the real wage and employment. Nominal wage contracts reduce the deviation from the optimal trade-off between the real wage and employment when the economy is subjected to shocks during the wage contract period. The institutional level of trade union wage setting In a trade union wage setting, wage negotiations can take place at three different levels: (i) centralised wage negotiations where the trade union comprises all employees in the total economy, (ii) industry-wide wage negotiations where the trade union covers all employees in a single industrial sector which includes a large number of ®rms, and (iii) ®rmspeci®c wage negotiations where the trade union includes all employees in a single ®rm.

Palokangas (1997) argues that in¯ation, by making it possible to hold a lower tax rate on labour and capital income, acts as an incentive for ®rms to place production in a country, diminishing the incentive of moving production abroad. 34 See Phelps (1972). 35 See Giavazzi (1989). 36 Dornbusch (1989) underlines the ef®ciency of in¯ation tax/seigniorage, making it possible to avoid a distorting tax on labour income, Van der Ploeg (1991) argues: `To assess the case for an independent common central bank such as the EuroFed, one should tradeoff the welfare gains associated with enhanced monetary discipline and lower in¯ation against the welfare losses associated with a suboptimal resource mix' (p.

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