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Currency Areas and Equilibrium

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  • Filippo Cesarano

Abstract

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

Suggested Citation

  • Filippo Cesarano, 1997. "Currency Areas and Equilibrium," Open Economies Review, Springer, vol. 8(1), pages 51-59, January.
  • Handle: RePEc:kap:openec:v:8:y:1997:i:1:p:51-59 DOI: 10.1023/A:1008237132665
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    References listed on IDEAS

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    1. Thomas Willett & Edward Tower, 1970. "Currency areas and exchange-rate flexibility," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), pages 48-65.
    2. Penelope Hartland, 1949. "Interregional Payments Compared with International Payments," The Quarterly Journal of Economics, Oxford University Press, vol. 63(3), pages 392-407.
    3. Genberg, Hans, 1989. " Exchange Rate Management and Macroeconomic Policy: A National Perspective," Scandinavian Journal of Economics, Wiley Blackwell, vol. 91(2), pages 439-469.
    4. Melitz, Jacques, 1995. "The current impasse in research on optimum currency areas," European Economic Review, Elsevier, vol. 39(3-4), pages 492-500, April.
    5. 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,.
    6. McCallum, John, 1995. "National Borders Matter: Canada-U.S. Regional Trade Patterns," American Economic Review, American Economic Association, pages 615-623.
    7. David E. Laidler, 1988. "Taking Money Seriously," Canadian Journal of Economics, Canadian Economics Association, vol. 21(4), pages 687-713, November.
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    Citations

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    Cited by:

    1. repec:kap:iaecre:v:19:y:2013:i:3:p:259-271 is not listed on IDEAS
    2. Lars Jonung, 2002. "EMU and the Euro - The First Ten Years. Challenges to the sustainability and price stability of the euro area - what does history tell us?," EUI-RSCAS Working Papers 46, European University Institute (EUI), Robert Schuman Centre of Advanced Studies (RSCAS).
    3. Filippo Cesarano, 2006. "Optimum currency areas: a policy view," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 59(239), pages 317-332.
    4. Goodhart, Charles A. E., 1998. "The two concepts of money: implications for the analysis of optimal currency areas," European Journal of Political Economy, Elsevier, vol. 14(3), pages 407-432, August.
    5. Filippo Cesarano, 2013. "The Optimum Currency Area Puzzle," International Advances in Economic Research, Springer;International Atlantic Economic Society, pages 259-271.
    6. Filippo Cesarano, 2006. "The equilibrium approach to optimum currency areas," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 59(237), pages 193-209.
    7. Filippo Cesarano, 2006. "Optimum currency areas: a policy view," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 59(239), pages 317-332.
    8. Filippo Cesarano, 2006. "The equilibrium approach to optimum currency areas," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 59(237), pages 193-209.
    9. Nicola Acocella, "undated". "A tale of two cities: exit policies in Washington and Frankfurt," Working Papers 117/13, Sapienza University of Rome, Metodi e modelli per l'economia, il territorio e la finanza MEMOTEF.
    10. Michele Fratianni, 2004. "Borders and the Constraints on Globalization," Working Papers 2004-05, Indiana University, Kelley School of Business, Department of Business Economics and Public Policy.

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    Keywords

    optimum currency areas; monetary union;

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