全球智库信息集成服务系统(G2TT): DP3606 Can Equity Enhance Efficiency? Some Lessons from Climate Negotiations

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP3606
	DP3606 Can Equity Enhance Efficiency? Some Lessons from Climate Negotiations
	Carlo Carraro; Francesco Bosello; Barbara Buchner; Davide Raggi
发表日期	2003-02-20
出版年	2003
语种	英语
摘要	We compare monetary union to flexible exchange rates in an asymmetric, three-country model with active monetary policy. Unlike Friedman's (1953) case for flexible rates, we find that countries with high degree of nominal wage rigidity are better off in a monetary union. Their benefits increase with the size of the union and the degree of wage rigidity of its members. Those with relatively more flexible wages fare better under a flexible rate regime. Their cost of participation in a monetary union increases with the union's level of wage rigidity as well as its tolerance of inflation variability. Taking into account actual asymmetries in the EU we find that the status quo (France and Germany in EMU, the UK pursuing a flexible rate) represents the best monetary arrangement for each of these countries. All three would likely be worse off if the UK joined EMU.
主题	International Macroeconomics
关键词	Monetary union Wage rigidity Asymmetry Multi-country model
URL	https://cepr.org/publications/dp3606
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/532740
推荐引用方式 GB/T 7714	Carlo Carraro,Francesco Bosello,Barbara Buchner,et al. DP3606 Can Equity Enhance Efficiency? Some Lessons from Climate Negotiations. 2003.