Optimal Currency Areas: A Review of the Recent Literature

Robert Lafrance · Pierre St‐Amant

64 citations0/0 files storedRePEc: Research Papers in Economics

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Abstract

This paper surveys the recent literature on optimal currency areas (OCAs). Topics that are covered include theoretical developments in the context of general-equilibrium models and empirical work on shocks asymmetry and adjustment mechanisms. Issues relating to the endogeneity of OCA criteria, the role of exchange rate flexibility in promoting greater macroeconomic stability, and the links between productivity and the exchange rate are also surveyed. We conclude with suggestions for future research.

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References

1991Convergence Across States and Regions 1964The Purchasing-Power Parity Doctrine: A Reappraisal 1998The Endogenity of the Optimum Currency Area Criteria 1964Theoretical Notes on Trade Problems 1986The Dividend-Price Ratio and Expectations of Future Dividends and Discount Factors 1992International Real Business Cycles 1991Optimum Currency Areas 1982Interest rates and currency prices in a two-country world

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