The political economy of monetary union
In: The international library of critical writings in economics series 134
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In: The international library of critical writings in economics series 134
World Affairs Online
In: Routledge international studies in money and banking 18
In: International finance review Vol. 2
In: Hume papers on public policy 5,1
In: Essays in international finance 178
World Affairs Online
In: Scottish journal of political economy: the journal of the Scottish Economic Society, Band 49, Heft 2, S. 196-215
ISSN: 0036-9292
We do two things in this paper. First, we look at some simple models of monetary decision making in a monetary union & ask how much more variable a country's output & inflation is likely to be if it joins the union. We answer this analytically & then go on to "calibrate" the simple model. The model has few structural equations, but it is useful in allowing us to examine how the variability of output & inflation are likely to change as key parameters change. Our conclusions on this front are likely to be sensitive to model specification. However, we also identify a second best issue concerning the optimal make-up of the monetary union that is likely to be more robust: namely that only when all members of the union have the same structural parameter values (& shocks are perfectly correlated) will it be optimal for a new member to have these same structural parameter values. 1 Table, 1 Figure, 1 Appendix, 36 References. Adapted from the source document.
In: The political economy of global interdependence
World Affairs Online
World Affairs Online
In: Journal of common market studies: JCMS, Band 41, Heft 3, S. 519-539
ISSN: 0021-9886
World Affairs Online
In: Journal of common market studies: JCMS, Band 30, Heft 3, S. 299-309
ISSN: 0021-9886
World Affairs Online
In: European political, economic, and security issues