Asymmetric Shocks in a Currency Union with Monetary and Fiscal Handcuffs?
Apr 2011 · International finance discussion papers Book 1012 · DIANE Publishing
Ebook
56
Pages
About this ebook
This paper investigates the impact of the asymmetric shocks within a currency union in a framework that takes account of the zero bound constraint on policy rates, and also allows for constraints on fiscal policy. In this environment, the authors document that the usual optimal currency argument showing that the effects of shocks are mitigated to the extent that they are common across member states can be reversed. Countries can be worse off when their neighbors experience similar shocks, including policy-driven reductions in government spending. Charts and tables. This is a print on demand edition of an important, hard-to-find publication.
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