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| Author: | Ricci, L.A. Isard, P. |
| Title: | European monetary union, adjustment, and exchange rate variability |
| Journal: | European Economic Review
2002 : FEB, VOL. 46:2, p. 229-251 |
| Index terms: | COUNTRY COMPARISONS EURO EUROPEAN MONETARY SYSTEM EXCHANGE RATES MONETARY POLICY |
| Language: | eng |
| Abstract: | This paper uses a three-country, three-good, factor-specific model for trade with wage rigidities to investigate how European Monetary Union is likely to affect exchange rate variability. Focusing on international macroeconomic adjustment under both exogenous and optimizing monetary policies, it shows that the relative variability (against external currencies) of the euro and a basket of predecessor currencies depends on the relative sizes and specialization patterns of countries and the relative importance of different shocks. |
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