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Chocs asymétriques et bien-être en union monétaire avec marchés financiers incomplets

Author

Listed:
  • Stéphane Auray
  • Aurélien Eyquem

Abstract

This paper shows that financial market incompleteness leads to welfare gains in a monetary union where nominal rigidities and asymmetric shocks do exist. Incomplete financial markets reduce the volatility of the national inflation rates. Welfare gains associated with this decrease are higher than the welfare cost due to the imperfect risk sharing. The net effect is positive and the gains are about 0.05 % in terms of permanent consumption. Classification JEL : E51, E58, F36, F41.

Suggested Citation

  • Stéphane Auray & Aurélien Eyquem, 2009. "Chocs asymétriques et bien-être en union monétaire avec marchés financiers incomplets," Revue économique, Presses de Sciences-Po, vol. 60(3), pages 667-677.
  • Handle: RePEc:cai:recosp:reco_603_0667
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    Citations

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    Cited by:

    1. Marc-Alexandre Sénégas, 2010. "La théorie des zones monétaires optimales au regard de l'euro : Quels enseignements après dix années d'union économique et monétaire en Europe ?," Revue d'économie politique, Dalloz, vol. 120(2), pages 379-419.

    More about this item

    JEL classification:

    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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