exchange rate regimes. While a fixed exchange rate with capital mobility is a well-defined monetary regime, floating is not …This paper provides a selective survey of the incidence, causes, and consequences of a country’s choice of its exchange … rate regime. I begin with a critical review of Klein and Shambaugh’s (2010) book Exchange Rate Regimes in the Modern Era …

indirectly moved Europe closer to an optimum currency area, by reducing countries' abilities to create idiosyncratic fiscal …Using a panel of 21 OECD countries and 40 years of annual data, we find that countries with similar government budget … similar ratios of government surplus/deficit to GDP) is systematically associated with more synchronized business cycles. We …

Does leaving a currency union reduce international trade? We answer this question using a large annual panel data set … covering over 230 countries from 1948-97. During this sample over one hundred pairs of countries had currency union … factors. Assuming symmetry, we estimate that a pair of countries that starts to use a common currency experiences a doubling …

both create and share the risk associated with exchange rate volatility. In such circumstances, monetary policy can be used …Both the literature and new empirical evidence show that exchange rate regimes differ primarily by the noisiness of the … exchange rate, not by measurable macroeconomic fundamentals. This motivates a theoretical analysis of exchange rate regimes …

This Paper characterizes the integration patterns of international currency unions (such as the CFA Franc zone and the … countries with sovereign monies, and to regions within nations. We ask: are countries within international currency unions as … East Caribbean Currency Area). We empirically explore different features of currency unions, and compare them both to …

-makers, since it leads to an unequal transmission of the ECB’s monetary policy to the various countries. …The paper analyzes the integration of euro area sovereign bond markets during the European sovereign debt crisis. It … identification. The paper finds that euro area government bond markets were well integrated prior to the crisis, but saw a …

the criteria for entry into a currency union after taking steps towards economic integration than before. …A country’s suitability for entry into a currency union depends on a number of economic conditions. These include …, inter alia, the intensity or trade with other potential members of the currency union, and the extent to which domestic …

examine countries with hard fixed exchange rates and other monetary regimes. Inflation-targeting countries with a bond market …, domestic-currency bond market. Bond holders suffer from inflation and could be a potent anti-inflationary force; I ask whether … and fiscal instrumental variables. The existence of a bond market has little effect on inflation in other monetary regimes …