Currency Areas and Equilibrium
The standard approach to optimum currency areas clashes with both modern monetary theory and empirical evidence. The present paper sets forth an equilibrium hypothesis that views the national border as the analogue of a policy measure impinging on agents' optimizing behavior. Copyright Kluwer Academic Publishers 1997
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- Thomas Willett & Edward Tower, 1970. "Currency areas and exchange-rate flexibility," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 105(1), pages 48-65, September.
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- Krugman, P., 1993. "What Do We Need to Know About the International Monetary System?," Princeton Studies in International Economics 190, International Economics Section, Departement of Economics Princeton University,.
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