Chocs asymétriques et bien-être en union monétaire avec marchés financiers incomplets

Stéphane Auray and Aurélien Eyquem

Revue économique, 2009, vol. 60, issue 3, 667-677

Abstract: This paper shows that financial market incompleteness leads to welfare gains in a monetary union where nominal rigidities and asymmetric shocks do exist. Incomplete financial markets reduce the volatility of the national inflation rates. Welfare gains associated with this decrease are higher than the welfare cost due to the imperfect risk sharing. The net effect is positive and the gains are about 0.05 % in terms of permanent consumption. Classification JEL : E51, E58, F36, F41.

JEL-codes: E51 E58 F36 F41 (search for similar items in EconPapers)
Date: 2009
References: Add references at CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
http://www.cairn.info/load_pdf.php?ID_ARTICLE=RECO_603_0667 (application/pdf)
http://www.cairn.info/revue-economique-2009-3-page-667.htm (text/html)
free

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cai:recosp:reco_603_0667

Access Statistics for this article

More articles in Revue économique from Presses de Sciences-Po
Bibliographic data for series maintained by Jean-Baptiste de Vathaire ().