| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5625 |
| DP5625 Services Policy Reform and Economic Growth in Transition Economies, 1990-2004 | |
| [unavailable] | |
| 发表日期 | 2006-04-11 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | We log-linearise the Dellas and Tavlas (DT) model of monetary union and solve it analytically. We find that the intuition of optimal currency analysis of DT's second generation open economy model is essentially the same as that of first generation models. Monetary union results in no welfare loss if its member states are symmetric. However, asymmetry causes loss in welfare both due to the failure of the union policy to deal suitably with a country's asymmetric shocks and due to an active monetary policy by union in pursuit of its distinct objectives. The asymmetry in DT is largely due to the differing wage rigidities across countries. |
| 主题 | International Macroeconomics |
| 关键词 | Monetary union Representative agent model Multi-country model Wage rigidity Asymmetry |
| URL | https://cepr.org/publications/dp5625 |
| 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/534473 |
| 推荐引用方式 GB/T 7714 | [unavailable]. DP5625 Services Policy Reform and Economic Growth in Transition Economies, 1990-2004. 2006. |
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