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Currencies and the Allocation of Risk: The Welfare Effects of a Monetary Union

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Author Info
Neumeyer, Pablo Andres

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Abstract

In a general equilibrium model with incomplete asset markets, nominal securities, and mean-variance preferences, a monetary union is desirable when the gain from eliminating excess volatility of nominal variables exceeds the cost of reducing the number of currencies with which to hedge risks. Copyright 1998 by American Economic Association.

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Publisher Info
Article provided by American Economic Association in its journal American Economic Review.

Volume (Year): 88 (1998)
Issue (Month): 1 (March)
Pages: 246-59
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Handle: RePEc:aea:aecrev:v:88:y:1998:i:1:p:246-59

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