Politique monétaire en union monétaire et en change flexible : une approche analytique
Using a two-country model of the "New Open-Economy Macroeconomics" which is analytically solved through a second-order approximation, we consider optimal monetary policies in a monetary union and in a flexible exchange rate regime. Comparing these two regimes, we show that a monetary union is preferred in case of mark-up shocks which affect price determination, and that the symmetry or asymmetry of shocks is not necessarily relevant anymore.
Volume (Year): (2007)
Issue (Month): 86 ()
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