search query: @freeterm trade openness / total: 3
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| Author: | Kollmann, R. |
| Title: | Welfare effects of a monetary union: the role of trade openness |
| Journal: | Journal of the European Economic Association
2004 : APR-MAY, VOL. 2:2-3, p. 289-301 |
| Index terms: | monetary integration welfare |
| Freeterms: | trade openness |
| Language: | eng |
| Abstract: | The welfare effects of a monetary union is evaluated, compared to a floating exchange rate regime, using a quantitative business cycle model of a two-country world with sticky prices. It is assumed that, under a float, there are shocks to the uncovered interest rate parity (UIP) condition. These shocks are shown to have a negative effect on welfare - the determined effect is stronger, the higher the degree of trade openness. |
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