Establishing a Monetary Union
In contrast to Mundell's inquiry on the optimality of currency areas, this paper aims to understand under what circumstances will a Pareto-dominant monetary union be established. Using a multi-country overlapping generations model, we highlight gains from monetary union arising from reduced transactions costs and lower inflation.
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|Date of creation:||2000|
|Date of revision:|
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Web page: http://cermsem.univ-paris1.fr/
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