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A Monetary Union Model with Cash-in-Advance Constraints

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Author Info
Cengiz, Gulfer
Cicek, Deniz
Kuzubas, Tolga Umut
Olcay, Nadide Banu
Saglam, Ismail

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Abstract

We characterize the monetary competitive equilibrium in a two-country monetary union model involving cash-in-advance constraints both in the factor markets and in the good markets. Simulations show that common money inflation in the union have asymmetric effects on the welfare of workers in the two countries which are technologically differentiated. We also find that the distribution of the money stock within the union may affect labor flow across the countries.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 4248.

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Date of creation: Jul 2007
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Handle: RePEc:pra:mprapa:4248

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Related research
Keywords: Monetary union; cash-in-advance; monetary policy;

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Find related papers by JEL classification:
F22 - International Economics - - International Factor Movements and International Business - - - International Migration
E24 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Erdem Basci & Ismail Saglam, 1998. "On the Importance of Sequencing of Markets in Monetary Economies," Departmental Working Papers 982, Bilkent University, Department of Economics. [Downloadable!]
  2. David M. Arseneau, 2004. "Optimal inflation in an open economy with imperfect competition," Finance and Economics Discussion Series 2004-25, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
  3. Grossman, Sanford & Weiss, Laurence, 1983. "A Transactions-Based Model of the Monetary Transmission Mechanism," American Economic Review, American Economic Association, vol. 73(5), pages 871-80, December. [Downloadable!] (restricted)
  4. Lawrence J. Christiano & Martin Eichenbaum & Charles L. Evans, 1996. "Sticky Price and Limited Participation Models of Money: A Comparison," NBER Working Papers 5804, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  5. Charles Carlstrom & Timothy Fuerst, 2000. "Optimal Monetary Policy in a Small Open Economy: A General Equilibrium Analysis," Working Papers Central Bank of Chile 70, Central Bank of Chile. [Downloadable!]
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  6. Erdem Basci & Ismail Saðlam, 2000. "Optimal Money Growth in A Limited Particpation Model with Heterogenous Agents," Departmental Working Papers 0004, Bilkent University, Department of Economics.
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  7. Lawrence J. Christiano & Martin Eichenbaum & Charles L. Evans, 1998. "Modeling Money," NBER Working Papers 6371, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  8. Fuerst, Timothy S., 1992. "Liquidity, loanable funds, and real activity," Journal of Monetary Economics, Elsevier, vol. 29(1), pages 3-24, February. [Downloadable!] (restricted)
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