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Monetary Integration, Stochastic Inflation Preferences and the Value of Waiting

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Author Info
Strobel, F.

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Abstract

Using a simple two-country model where policymakers minimize the continuous-time equivalence of a Barro-Gordon-type loss function over inflation, we examine the value of the option to give up monetary independence in favor of monetary integration when the national preference parameters associated with a inflationary surprise follow correlated geometric Brownian motions.

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Publisher Info
Paper provided by Department of Economics, University of Birmingham in its series Discussion Papers with number 99-06.

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Length: 16 pages
Date of creation: 1999
Date of revision:
Handle: RePEc:bir:birmec:99-06

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Postal: Edgbaston, Birmingham, B15 2TT
Web page: http://www.economics.bham.ac.uk
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Related research
Keywords: FINANCIAL MARKET;

Find related papers by JEL classification:
E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

Cited by:
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  1. Frank Strobel, 2000. "When to Leave a Monetary Union: Now or Later?," Econometric Society World Congress 2000 Contributed Papers 0961, Econometric Society. [Downloadable!]
    Other versions:
  2. de Brito, José Brandão & de Mello Sampayo, Felipa, 2002. "The timing and the probability of FDI: an application to the US multinational enterprises," 10th International Conference on Panel Data, Berlin, July 5-6, 2002 A3-4, International Conferences on Panel Data. [Downloadable!]
  3. José Brandão de Brito & Felipa de Mello Sampayo, 2005. "The timing and probability of FDI: an application to US multinational enterprises," Applied Economics, Taylor and Francis Journals, vol. 37(4), pages 417-437, March. [Downloadable!] (restricted)
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This page was last updated on 2009-12-15.

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