Stabilization policy in a currency union

被引：6

作者：

Lane, PR

机构：

[1] Columbia University, 1320 IAB, New York, NY 10027

来源：

ECONOMICS LETTERS | 1996年 / 53卷 / 01期

关键词：

currency union; monetary policy; stabilization;

D O I：

10.1016/S0165-1765(96)00894-4

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We show that the monetary authority of a currency union chooses to 'do nothing' in the face of an asymmetric shock, generating inefficiently high inflation and employment fluctuations in the member countries. Moreover, adjustment is equivalent to that under a 'McKinnon rule'.

引用

页码：53 / 60

页数：8

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