Asymmetric Shocks and Monetary Policy in a Currency Union

Philip R. Lane

54 citations0/0 files storedScandinavian Journal of Economics

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Monetary Policy and Economic Impact Global Financial Crisis and Policies European Monetary and Fiscal Policies

Abstract

We analyze the conduct of monetary policy in a currency union in the face of asymmetric shocks. In particular, we compare the stabilization properties of a currency union versus alternative exchange rate arrangements. The relative performance of a currency union is shown to depend on the extent of economic integration in patterns of consumption and production and on the relative weights placed on price stability versus employment stability in the monetary authority's objective function. JEL classification: F33; F40

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References

1985The Optimal Degree of Commitment to an Intermediate Monetary Target 1983Rules, discretion and reputation in a model of monetary policy 1995The Mirage of Fixed Exchange Rates 1992Shocking Aspects of European Monetary Unification 1985Monetary Policy Games and the Consequences of Non-Cooperative Behavior 1995International Currency Experience: New Lessons and Lessons Relearned 1986An International Standard for Monetary Stabilization 1995Double-edged incentives: Institutions and policy coordination

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2013European economic governance: the Berlin-Washington Consensus 2006Nominal Wage Flexibility, Wage Indexation and Monetary Union 2003Structural Reforms and the Enlargement of Monetary Union 2004Economic Performance and Stabilization Policy in a Monetary Union with Imperfect Labor and Goods' Markets 2012The Theory of Economic Policy in a Strategic Context 1996Stabilization policy in a currency union

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