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The most serious criticism of EMU is that by abandoning exchange rate adjustments it transfers to the labor market the task of adjusting for competit… - Rudi Dornbusch
" "The most serious criticism of EMU is that by abandoning exchange rate adjustments it transfers to the labor market the task of adjusting for competitiveness and relative prices... losses in output and employment (and pressure on the European central bank to inflate) will predominate.
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About Rudi Dornbusch
Rüdiger "Rudi" Dornbusch (June 8, 1942 – July 25, 2002) was a German economist, who worked for most of his career in the United States.
Also Known As
Alternative Names:
Rudiger W. Dornbusch
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Rudiger Dornbusch
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Additional quotes by Rudi Dornbusch
The model retains the uncomfortable property that any increase in demand for home output ... leads to nominal and real appreciation... The uncomfortable fact remains that even in this model there is a short-run tendency for an expenditure increase to induce an appreciation... Expansionary fiscal policy will lead to an initial depreciation of the nominal and real exchange rate if ... (it) is accommodated by an expansion in nominal money.
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