| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP1388
|
| DP1388 Why do More Open Economies Have Bigger Governments? |
| Dani Rodrik
|
| 发表日期 | 1996-05-31
|
| 出版年 | 1996
|
| 语种 | 英语
|
| 摘要 | In order to study the costs/benefits of a monetary union between Germany and France, we attempt to go beyond a mere focus on asymmetries and examine what each country would have lost or gained had there been a common monetary policy. We try to identify the macroeconomic effects of such a change within a structural VAR model, which is first estimated by employing mixed long-run and short-run identification schemes, and subsequently simulated under the restrictions of a common monetary policy. Our analysis centres on the effect of identical monetary policy on movements in output, inflation and the current account. We also study the effects on interest rate differentials in order to draw possible inferences about monetary integration. Based on the usual interpretations of national preferences in both countries, the results imply that, if anything, Germany would lose from any French participation in the setting of domestic monetary policy. By contrast, however, France would clearly gain from corresponding German participation in French decision-making. |
| 主题 | International Macroeconomics
|
| 关键词 | Costs/benefits
France
Germany
Monetary union
Optimum currency areas
Shocks
|
| URL | https://cepr.org/publications/dp1388
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
|
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/530533
|
推荐引用方式
GB/T 7714 |
Dani Rodrik. DP1388 Why do More Open Economies Have Bigger Governments?. 1996.
|
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