Breuss, Fritz; Fornero, Jorge - 2009
. Besides, welfare costs of nominal rigidities are calculated. We distinguish two sample periods, pre-EMU' and EMU'. In the … that in the pre-EMU period, the EA and Austria present welfare costs close to one percent of steady-state consumption … costs in the EA decrease, indicating an improvement in the allocation during the EMU regime (similarly in the U.S.), whereas …