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| Author: | Strobel, F |
| Title: | Monetary integration and inflation preferences: a real options analysis |
| Journal: | European Economic Review
2005 : MAY, VOL. 49:4, p. 845-860 |
| Index terms: | Monetary integration Inflation Models |
| Language: | eng |
| Abstract: | Using a two-country model where policymakers minimize Barro-Gordon-type loss functions over inflation, this article examines the situation where countries or regions have to decide whether or not to form a monetary union when their inflation preferences are stochastic and such move is considered as mostly irreversible. A comparative statistics analysis is carried out and illustrated with numerical examples. |
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