Currencies and the Allocation of Risk: The Welfare Effect of a Monetary Union
In a general equilibrium model with incomplete asset markets, nominal securities, and mean-variance preferences, a monetary union is desirable when the gain from eliminating excess volatility of nominal variables exceeds the cost of reducing the number of currencies with which to hedge risks. Copyright 1998 by American Economic Association.
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|Date of creation:||1995|
|Date of revision:|
|Publication status:||Published in American Economic Review, vol. 88, no. 1, pp. 246-259|
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