منابع مشابه
Self-validating Optimum Currency Areas
A currency area can be a self-validating optimal policy regime, even when monetary unification does not foster real economic integration and intra-industry trade. In our model firms choose the degree of exchange rate pass-through onto export prices accounting for expected monetary policies, and monetary authorities choose optimal policy rules taking firms’ pass-through as given. We show that th...
متن کاملOptimum Currency Areas Under Inflation Targeting
Several countries face the choice between targeting inflation independently and entering a monetary union that targets inflation. The present paper extends the theory of optimum currency areas to deal with this choice. In contrast to the conventional theory, countries might form more of an optimum currency area the more asymmetric supply shocks are. By studying the stabilization properties of i...
متن کاملA Theory of Optimum Currency Areas
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متن کاملA Bayesian Approach to Optimum Currency Areas in East Asia
This paper assesses the empirical desirability of the East Asian economies to an alternative exchange rate arrangement (a monetary union) that can potentially enhance the exchange rate stability and credibility in the region. Specifically, the symmetry in macroeconomic disturbances of the East Asian economies is examined as satisfying one of the preconditions for forming an Optimum Currency Are...
متن کاملMonetary policy in heterogeneous currency unions: Reections based on a micro-founded model of Optimum Currency Areas
The adoption of a common currency has fostered European economic integration and provided many European countries with an e¢ cient tool to reduce ination and nancial volatility. It is well understood, however, that a single monetary policy also opens a stabilization gap at national level, relative to an ideal benchmark in which output gaps and marginal costs are e¢ ciently stabilized in each ...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2002
ISSN: 1556-5068
DOI: 10.2139/ssrn.920682