Monetary policy as an optimum currency area criterion

Dominik Groll

No 1969, Kiel Working Papers from Kiel Institute for the World Economy

Abstract: Whether countries benefit from forming a monetary union depends critically on the way monetary policy is conducted. This is mainly because monetary policy determines whether and to what extent a flexible nominal exchange rate fosters or hampers macroeconomic stabilization, even if monetary policy does not target the nominal exchange rate explicitly.

Keywords: monetary union; macroeconomic stabilization; welfare analysis; optimum currency area theory; trade openness (search for similar items in EconPapers)
JEL-codes: E52 F33 F41 (search for similar items in EconPapers)
Date: 2014
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Journal Article: Monetary Policy as an Optimum Currency Area Criterion (2020)
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:ifwkwp:1969

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