Abstract:
Optimum currency areas and asymmetric shocks Comparison of two studies: • Krugman Paul (1993) "Lessons from Massachusetts for EMU" in Torres, F. & Giavazzi, F. (Editors) Adjustment and Growth in the European Monetary Union London: CEPR and Cambridge University Press. and • Frankel Jeffrey and Rose Andrew (1996) "The Endogeneity of Optimum Currency Areas" CEPR discussion paper 1473, NBER Working Paper 5700