U.S. and euro-area monetary policy by regions

Israel Malkin and Fernanda Nechio

FRBSF Economic Letter, 2012, issue feb27

Abstract: Even in areas that have a common currency, economic conditions can vary greatly from one region to another. So a single uniform monetary policy may not be appropriate. For example, a simple monetary policy rule at times recommends different interest rates for different regions of the United States. Among euro-area countries, such a rule typically recommends an even greater divergence in interest rates, partly due to lower labor mobility, and less use of fiscal transfers to help smooth shocks.

Keywords: Labor mobility; Monetary policy (search for similar items in EconPapers)
Date: 2012
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