Currencies and the Allocation of Risk: The Welfare Effect of a Monetary Union
AbstractIn 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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Bibliographic InfoPaper provided by DELTA (Ecole normale supérieure) in its series DELTA Working Papers with number 95-27.
Length: 31 pages
Date of creation: 1995
Date of revision:
Publication status: Published in American Economic Review, vol. 88, no. 1, pp. 246-259
EXCHANGE RATE; MONETARY UNION; PRICING;
Other versions of this item:
- Neumeyer, Pablo Andres, 1998. "Currencies and the Allocation of Risk: The Welfare Effects of a Monetary Union," American Economic Review, American Economic Association, vol. 88(1), pages 246-59, March.
- D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
- E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
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