Optimal Currency Areas: A Review of the Recent Literature
AbstractThis paper surveys the recent literature on optimal currency areas (OCAs). Topics that are covered include theoretical developments in the context of general-equilibrium models and empirical work on shocks asymmetry and adjustment mechanisms. Issues relating to the endogeneity of OCA criteria, the role of exchange rate flexibility in promoting greater macroeconomic stability, and the links between productivity and the exchange rate are also surveyed. We conclude with suggestions for future research.
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Bibliographic InfoPaper provided by Bank of Canada in its series Working Papers with number 99-16.
Length: 39 pages
Date of creation: 1999
Date of revision:
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Exchange rate regimes;
Find related papers by JEL classification:
- E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
- F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
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