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Alesina, Alberto - 2000

What is the optimal number of currencies in the world? Common currencies affect trading costs and, thereby, the amounts of trade, output, and consumption. From the perspective of monetary policy, the adoption of another country's currency trades off the benefits of commitment to price stability...

Persistent link: https://www.econbiz.de/10012470810

Fiscal Federalism and Optimum Currency Areas : Evidence for Europe From the United States

Sala-i-Martin, Xavier - 1991

The main goal of this paper is to estimate to what extent the federal government of the United States insures member states against regional income shocks. We find that a one dollar reduction in a region's per capita personal income triggers a decrease in federal taxes of about 34 cents and an...

Persistent link: https://www.econbiz.de/10012475134

A Tale of Politically-Failing Single-Currency Area

Razin, Assaf - 2012

and recovery patterns for key EU members like Germany and France, within the Eurozone, were similar. However, after the … bubble burst and the crisis began unfolding it became clear that the Eurozone plight differed from America's in one … fundamental respect. There was no exact counterpart of Eurozone GIIPS (Greece, Italy, Ireland, Portugal, and Spain) in the United …

Persistent link: https://www.econbiz.de/10012460307

Participation in a Currency Union

Casella, Alessandra - 1990

When countries of different sizes participate in a cooperative agreement, the potential gain from deviation determines the minimum power that each country requires in the common decision-making. <br><bR>This paper studies the problem in the context of a monetary union - multiple countries sharing a...

Persistent link: https://www.econbiz.de/10012475817

The Endogeneity of the Optimum Currency Area Criteria

Frankel, Jeffrey A. - 1996

A country's suitability for entry into a currency union depends on a number of economic conditions. These include, inter alia, the intensity of trade with other potential members of the currency union, and the extent to which domestic business cycles are correlated with those of the other...

Persistent link: https://www.econbiz.de/10012473138

Aftershocks of Monetary Unification : Hysteresis with a Financial Twist

Bayoumi, Tamim - 2017

Once upon a time, in the 1990s, it was widely agreed that neither Europe nor the United States was an optimum currency area, although moderating this concern was the finding that it was possible to distinguish a regional core and periphery (Bayoumi and Eichengreen, 1993). Revisiting these...

Persistent link: https://www.econbiz.de/10012455476

Optimal Currency Area : A 20th Century Idea For the 21st Century?

Aizenman, Joshua - 2016

We take stock of the history of the European Monetary Union and pegged exchange-rate regimes in recent decades. The post-Bretton Woods greater financial integration and under-regulated financial intermediation have increased the cost of sustaining a currency area and other forms of fixed...

Persistent link: https://www.econbiz.de/10012456577

Exchange Rate Pass-Through and the Welfare Effects of the Euro

Devereux, Michael B. - 1999

This paper explores the implications of the European single currency within a simple sticky price intertemporal model. The main issue we focus on is how the euro may alter the responsiveness of consumer prices to exchange rate changes. Our central conjectures is that the acceptance of the euro...

Persistent link: https://www.econbiz.de/10012471402

Tradable Deficit Permits : Efficient Implementation of the Stability Pacin the European Monetary Union

Casella, Alessandra - 1999

Borrowing from the experience of environmental markets, this paper proposes a system of tradable deficit permits as an efficient mechanism for implementing fiscal constraints in the European Monetary Union: having chosen an aggregate target for the Union and an initial distribution of permits,...

Persistent link: https://www.econbiz.de/10012471505

EMU : Ready, or Not?

Obstfeld, Maurice - 1999

In this paper I focus on two specific hazard areas in the transition from Stage Two to Stage Three of European economic and monetary union (EMU), as well as on some key problems of Stage Three that EMU's monetary and fiscal structures appear ill-prepared to handle. The transitional hazards are...

Persistent link: https://www.econbiz.de/10012471509

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