Optimum Currency Areas Under Inflation Targeting

Øistein Røisland and Ragnar Torvik

Open Economies Review, 2003, vol. 14, issue 2, 99-118

Abstract: Several countries face the choice between targeting inflation independently and entering a monetary union that targets inflation. The present paper extends the theory of optimum currency areas to deal with this choice. In contrast to the conventional theory, countries might form more of an optimum currency area the more asymmetric supply shocks are. Copyright Kluwer Academic Publishers 2003

Keywords: monetary union; common currency; asymmetric shocks; output stability (search for similar items in EconPapers)
Date: 2003
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DOI: 10.1023/A:1022331412107

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