Bofinger, Peter (contributor); Mayer, Eric (contributor) - 2004 - [Elektronische Ressource]
the currency area. Additionally a high degree of integration in product markets is
advantageous for the ECB as it … monetary conditions in
line with the average macroeconomic environment in the union. The unique feature of a
currency area is … somewhat depressed economic environment
( )0
i
y
−
< .
Figure 2: Uncorrelated Demand Shock in Country i:
1,
3
i
ε =
5 …