This paper surveys the optimum currency area (OCA) literature. It is organised into four phases: the quot;pioneering phasequot; which put forward the OCA theory and its properties, the quot;reconciliation phasequot; when its diverse facets were combined, the quot;reassessment phasequot; that led...

This paper addresses the effects of the European Economic and Monetary Union (EMU) since the introduction of the euro on economic and financial structures, institutions and performance. What type of changes is the euro fostering? What forces is it setting in motion that were not there before?...

The start of the European Economic and Monetary Union (EMU) has spurred a new interest in the debate on the effects of monetary unions on regional economic integration. This literature either investigates past episodes of monetary unions or attempts to gauge any effect with a few years of EMU...

The question of whether central banks should target stock prices so as to prevent bubbles and crashes from occurring has been hotly debated. This paper analyses this question using a behavioural macroeconomic model. This model generates bubbles and crashes. It analyses how 'leaning against the...