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Is Europe an Optimum Currency Area? Evidence from Regional Data

De Grauwe, Paul; Vanhaverbeke, Wim - C.E.P.R. Discussion Papers - 1991

In this paper we contrast regional and national data on real exchange rate movements, the growth rates of output and employment, labour mobility and unemployment. We find that asymmetric shocks tend to be more prevalent at the regional than at the national level in Europe. The presumption of the...

Persistent link: https://www.econbiz.de/10005789027

Re-Evaluating Swedish Membership in EMU: Evidence from an Estimated Model

Söderström, Ulf - C.E.P.R. Discussion Papers - 2008

I revisit the potential costs and benefits for Sweden of joining the Economic and Monetary Union (EMU) of the European Union. I first show that the Swedish business cycle since the mid-1990s has been closely correlated with the Euro area economies, suggesting that common shocks have been an...

Persistent link: https://www.econbiz.de/10005124237

Brussels on a Single Money

Melitz, Jacques - C.E.P.R. Discussion Papers - 1991

This review article discusses the recent document titled `One Market, One Money' in which the European Commission develops its case for European monetary union. After examining the monetary issues, the article focuses on the reasons for the Commission's very worried attitude toward fiscal policy...

Persistent link: https://www.econbiz.de/10005791216

A Modern Reconsideration of the Theory of Optimal Currency Areas

Corsetti, Giancarlo - C.E.P.R. Discussion Papers - 2008

What can be learnt from revisiting the Optimal Currency Areas (OCA) theory 50 years from its birth, in light of recent … advances in open economy macro and monetary theory? This paper presents a stylized micro-founded model of the costs of adopting … exchange rates do not perform the stabilizing role envisioned by traditional OCA theory, a common monetary policy can be as …

Persistent link: https://www.econbiz.de/10005791521

Monetary Union, Trade Integration, and Business Cycles in 19th Century Europe: Just Do It

Flandreau, Marc; Maurel, Mathilde - C.E.P.R. Discussion Papers - 2001

This Paper seeks to trace the impact of monetary arrangements on trade integration and business cycle correlation, focusing on Europe in the late 19th century period as a guide for modern debates. For this purpose, we first estimate a gravity model and show that monetary arrangements were...

Persistent link: https://www.econbiz.de/10005791820

The Theory of Optimum Currency Areas, Trade Adjustment and Trade

Melitz, Jacques - C.E.P.R. Discussion Papers - 1993

This paper seeks to integrate more closely the theory of optimum currency areas with the theory of international trade …

Persistent link: https://www.econbiz.de/10005656159

Has the Euro changed the Business Cycle?

Enders, Zeno; Jung, Philip; Müller, Gernot - C.E.P.R. Discussion Papers - 2012

In contrast to the notion that the exchange-rate regime is non-neutral, there is little evidence that EMU has systematically changed the European business cycle. In fact, we find the volatility of macroeconomic variables largely unchanged before and after the introduction of the euro. Exceptions...

Persistent link: https://www.econbiz.de/10011084347

Melitz, Jacques - C.E.P.R. Discussion Papers - 1991

In contrast to conventional analyses of monetary union between two particular countries or sets of countries, this paper treats the possible expansion of a given currency area as a continuous variable ranging from zero to one; zero if there is no expansion and one if all sources of imports and...

Persistent link: https://www.econbiz.de/10005656388

Common Currency Areas and Currency Unions: An Analysis of the Issues

Masson, Paul R; Taylor, Mark P - C.E.P.R. Discussion Papers - 1992

This paper discusses the conditions under which currency unions would be desirable and viable. We discuss and present new empirical evidence concerning the operation of existing currency unions in federal states and among regional country groupings. In particular, we examine the traditional...

Persistent link: https://www.econbiz.de/10005662119

Monetary Union with Voluntary Participation

Fuchs, William; Lippi, Francesco - C.E.P.R. Discussion Papers - 2003

A monetary union is modelled as a technology that makes surprise devaluations impossible but requires voluntarily participating countries to follow the same monetary policy. It is shown that for low discount factors and sufficiently correlated shocks welfare in the union is higher than that...

Persistent link: https://www.econbiz.de/10005662125

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