THE WELFARE GAINS OF TRADE INTEGRATION IN THE EUROPEAN MONETARY UNION

被引：3
|
作者：
Auray, Stephane [1 ,2 ]
Eyquem, Aurelien [3 ,4 ]
Poutineau, Jean-Christophe [5 ,6 ]
机构：
[1] Univ Lille Nord France ULCO, Univ Sherbrooke GREDI, EQUIPPE, MESHS,USR 3185, F-59653 Villeneuve Dascq, France
[2] Univ Lille Nord France ULCO, CIRPEE, F-59653 Villeneuve Dascq, France
[3] Ecole Normale Super Lettres & Sci Humaines, GATE, Paris, France
[4] Ecole Normale Super Lettres & Sci Humaines, GREDI, Paris, France
[5] Univ Rennes 1, Ecole Normale Super Cachan, F-35014 Rennes, France
[6] Univ Rennes 1, CREM, F-35014 Rennes, France
来源：
MACROECONOMIC DYNAMICS | 2010年 / 14卷 / 05期
关键词：
Monetary Union; Trade Integration; Inflation Differentials; Welfare Analysis; FISCAL-POLICY; MODEL; INFLATION; COST;
D O I：
10.1017/S1365100509990903
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper evaluates the welfare gains arising from deeper trade integration in the European Monetary Union. To do this, the European Monetary Union is represented in a realistic way by an intertemporal general equilibrium model with incomplete financial markets, sticky prices, and home bias in production. The model is estimated and not rejected by the data. Two main results emerge: (i) an increase in vertical trade (occuring at the early stage of the production process) implies welfare gains whereas (ii) an increase in horizontal trade (occuring at the late stage of the production process) implies welfare losses.
引用
收藏
页码：645 / 676
页数：32
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