What Is the Optimal Institutional Arrangement for a Monetary Union?

Leonardo Gambacorta

Working Papers from Banca Italia - Servizio di Studi

Abstract: The aim of this paper is to design the optimal institutional arrangement for a monetary union. Using a two-country rational expectations model, the study analyses how the conservatism of the area-wide central bank and the penalty system for fiscal deviation (Stability and Growth Pact) should be designed with respect to different economic shocks.

Keywords: MONETARY; UNION (search for similar items in EconPapers)
JEL-codes: E40 E42 (search for similar items in EconPapers)
Pages: 49 pages
Date: 1999
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Citations: View citations in EconPapers (1)

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Working Paper: What is the Optimal Institutional Arrangement for a Monetary Union? (1999)
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Persistent link: https://EconPapers.repec.org/RePEc:fth:banita:356

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