Instability and trade in currency areas

被引：1
|
作者：
Alonso, Alberto
Corchon, Luis C.
Guzman, Vanesa
机构：
[1] Univ Carlos III Madrid, Dept Econ, E-28903 Getafe, Spain
[2] Univ Complutense Madrid, Dept Appl Econ 3, E-28223 Madrid, Spain
[3] Univ San Pablo, CEU, Dept Econ, Madrid 28003, Spain
来源：
ECONOMICS LETTERS | 2007年 / 94卷 / 01期
关键词：
currency areas; trade; real interest rate; common monetary policy; national fiscal policies;
D O I：
10.1016/j.econlet.2006.06.044
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
In a currency area, when a country faces a positive shock inflation goes up, real interest rate decreases and competitiveness deteriorates. We show that the stability of equilibrium depends on the rationality of expectations and budget balance of the public sector. (c) 2006 Elsevier B.V. All rights reserved.
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页码：71 / 75
页数：5
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