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Politique monétaire en union monétaire et en change flexible : une approche analytique

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  • Daniel Laskar

Abstract

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.

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  • Daniel Laskar, 2007. "Politique monétaire en union monétaire et en change flexible : une approche analytique," Annals of Economics and Statistics, GENES, issue 86, pages 149-185.
    • Handle: RePEc:adr:anecst:y:2007:i:86:p:149-185
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