When to Leave a Monetary Union: Now or Later?.

Using a two-country model of monetary union where policymakers minimize the continuous-time equivalent of a Barro-Gordon-type loss function, we examine the value of the option of monetary break-up when the national preference parameters associated with an inflationary surprise follow correlated geometric Brownian motions.

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Year of publication:	1999
Authors:	Strobel, F.
Institutions:	Department of Economics, University of Birmingham
Subject:	MONETARY UNION \| INFLATION \| MONEY

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Series:	Discussion Papers.
Type of publication:	Book / Working Paper
Notes:	11 pages
Classification:	F33 - International Monetary Arrangements and Institutions ; F3 - International Finance ; E5 - Monetary Policy, Central Banking and the Supply of Money and Credit ; E31 - Price Level; Inflation; Deflation
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005357625