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Australia-New Zealand Currency Union: A Structural Approach

Listed author(s):
  • Daisy McGregor


    (School of Economics, University of Adelaide)

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    This paper compares an Australia-New Zealand currency union to a purely fl oating exchange rate regime in the context of a structural, two-country open economy model. Micro-foundations support policy assessment by facilitating direct calculation of household welfare. Analysis focuses on changing business cycle volatilities; the role of risk is not considered. At benchmark calibration currency union is welfare reducing for both Australia and New Zealand. Sensitivity analyses reveal these results to be qualitatively robust over alternative degrees of shock correlation and shock transmission.

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    Paper provided by University of Adelaide, School of Economics in its series School of Economics Working Papers with number 2010-18.

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    Length: 34 pages
    Date of creation: Aug 2010
    Handle: RePEc:adl:wpaper:2010-18
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