haku: @author Driver, R. L. / yhteensä: 1
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| Tekijä: | Driver, R. L. Wren-Lewis, S. |
| Otsikko: | European monetary union and asymmetric shocks in a new Keynesian model |
| Lehti: | Oxford Economic Papers
1999 : OCT, VOL. 51:4, p. 665-688 |
| Asiasana: | ECONOMICS EUROPEAN MONETARY SYSTEM ASYMMETRIC INFORMATION |
| Kieli: | eng |
| Tiivistelmä: | The study quantifies the costs imposed by asymmetric shocks under EMU compared to free floating. A two-country model is examined where policy is set in an optimal, time consistent manner. Real and nominal rigidities are present in both economies, but prices are set in a forward looking manner and expectations are rational. The costs of asymmetric shocks under EMU can be higher than under free floating particularly if fiscal policy is not used for demand management. |
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