Asymmetric Shocks and Monetary Policy in a Currency Union

Philip Lane

Economic Papers from Trinity College Dublin, Economics Department

Abstract: We analyse the conduct of monetary policy in a currency union in the face of asymmetric shocks. In particular, we compare the stabilization properties of a currency union versus exchange rate arrangements and show how the relative performance of a currency union depends on the extent of economic integration in patterns of consumption and production and on the relative weights placed on price stability versus employment stability in the monetary authority's objective function.

Keywords: monetary union; stabilization. (search for similar items in EconPapers)
JEL-codes: F33 F40 (search for similar items in EconPapers)
Date: 1999
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Citations: View citations in EconPapers (3)

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Journal Article: Asymmetric Shocks and Monetary Policy in a Currency Union (2000)
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Persistent link: https://EconPapers.repec.org/RePEc:tcd:tcduee:994

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