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A simple macroeconomic model of a currency union with endogenous money and saving-investment imbalances

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  • Dirk H. Ehnts

Abstract

The great financial crisis has triggered new economic thinking about the functioning of an economy, and in the European case, of a currency union. Explanations of the macroeconomic relations inside a currency union are therefore in demand. It is now widely understood that sectoral debt and the current account should be part of a model. Traditional textbook models, like the IS-LM-BP or the IS-MR-PC models, respectively, are found lacking on the monetary or the real side, or both. This paper develops a model in order to fill this gap by constructing a simple model featuring endogenous money and saving-investment imbalances.

Suggested Citation

  • Dirk H. Ehnts, 2014. "A simple macroeconomic model of a currency union with endogenous money and saving-investment imbalances," International Journal of Pluralism and Economics Education, Inderscience Enterprises Ltd, vol. 5(3), pages 279-297.
    • Handle: RePEc:ids:ijplur:v:5:y:2014:i:3:p:279-297
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    Cited by:

    1. Giuliano Toshiro Yajima, 2021. "The Employer of Last Resort Scheme and the Energy Transition: A Stock-Flow Consistent Analysis," Economics Working Paper Archive wp_995, Levy Economics Institute.
    2. Dirk Ehnst, 2022. "Modern Monetary Theory: The Right Compass for Decision-Making," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 57(2), pages 128-134, March.

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