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Regional Characteristics, Monetary Union and Regional Income Volatility

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  • Frank Barry

    (University College Dublin)

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    Abstract

    Relatively little attention has been paid to the issue of how individual regions will fare as a consequence of the national decision on whether or not to adopt the single European currency. Regional welfare is influenced by both mean income and volatility. The present paper focuses on volatility. We develop a model of a regionally-integrated macroeconomy to explore how the income variance implied by the national decision on EMU is distributed across a country's regions. The model suggests that weaker regions are likely to do better than stronger regions with respect to volatility if the national economy participates in EMU.

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    File URL: http://www.ucd.ie/economics/research/papers/2001/WP01.11.pdf
    File Function: First version, 2001
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    Bibliographic Info

    Paper provided by School Of Economics, University College Dublin in its series Working Papers with number 200111.

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    Length: 23 pages
    Date of creation: 13 May 2001
    Date of revision:
    Handle: RePEc:ucn:wpaper:200111

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    Web page: http://www.ucd.ie/economics
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    Related research

    Keywords: Monetary Union; Regional Income; Volatility;

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    1. Leonardo Bartolini, 1993. "Devaluation and Competitiveness in a Small Open Economy," IMF Working Papers 93/82, International Monetary Fund.
    2. Artis, Michael J & Zhang, W, 1997. "International Business Cycles and the ERM: Is There a European Business Cycle?," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 2(1), pages 1-16, January.
    3. Sibert, Anne, 1999. "Monetary Integration and Economic Reform," Economic Journal, Royal Economic Society, vol. 109(452), pages 78-92, January.
    4. Andrew K. Rose, 1999. "One Money, One Market: Estimating the Effect of Common Currencies on Trade," NBER Working Papers 7432, National Bureau of Economic Research, Inc.
    5. Bayoumi, Tamim & Masson, Paul R, 1994. "Fiscal Flows in the United States and Canada: Lessons for Monetary Union in Europe," CEPR Discussion Papers 1057, C.E.P.R. Discussion Papers.
    6. Baker, Terence J. & FitzGerald, John & Honohan, Patrick, 1996. "Economic Implications for Ireland of EMU," Research Series, Economic and Social Research Institute (ESRI), number PRS28, September.
    7. Pavelin, S., 2000. "The Geographical Diversification of Leading Firm in the EU," Papers 00/15, College Dublin, Department of Political Economy-.
    8. K.H. Midelfart & H.G. Overman & S.J. Redding & A.J. Venables, 2000. "The location of European industry," European Economy - Economic Papers 142, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.
    9. Barry, Frank, 1998. "Exchange Rate Policy When the Labour Market Exhibits Hysteresis," The Manchester School of Economic & Social Studies, University of Manchester, vol. 66(5), pages 532-49, December.
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