A Suggested Reformulation of the Theory of Optimal Currency Areas |
Common terms and phrases
argument asymmetric shocks Belgian franc Belgium benefits of monetary Canada Canadian dollar capital mobility Centre for Economic CEPR Discussion Papers common currency area degree of abstraction East Economic Policy Research effective exchange rates Eichengreen European Commission exchange rate adjustment exchange rate flexibility exchange rate impairs exchange rate regime expected variance figure fiscal authority fiscal federalism fix their exchange fixed exchange rates flexible exchange rates G Bertola inside the union issue Jacques Mélitz Kenen Krugman labor mobility long run Phillips marginal cost mispriced monetary integration Mundell optimal currency area particular percent plainly asymmetric present analysis prices and wages real exchange rate recommended degree regional shock relative prices run Phillips curve Sachs and Sala-i-Martin Similarity of industrial small to form sticky prices Suggested Reformulation taxes and transfers terms of trade Theory of Optimal unemployment union partners unit of account United Kingdom variable zone of fixed