NDLI: Optimum Currency Areas: Currency Area Composition and Exchange-Rate Regimes—Theory and Evidence Reconciled

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Optimum Currency Areas: Currency Area Composition and Exchange-Rate Regimes—Theory and Evidence Reconciled

Content Provider	Scilit
Author	Røste, Ole Bjørn
Copyright Year	2017
Description	The economic literature on the advisability of various compositions of currency areas dates back to the 1960s, when Mundell (1961) initiated the literature on optimum currency areas (OCAs). This chapter analyses the economic efficiency and stabilization properties of variously sized currency areas. The OCA theory aims at analyzing properties of currency areas, not at predicting the composition of currency areas. The recent debate on currency area composition has to a large extent been pursued in relation to the European Monetary Union (EMU). The economic literature on EMU has mainly been concerned with the economics of monetary unions—that is, with whether EMU would constitute an OCA. Monetary unification is likely to have profound economic implications, the most important of which may fit within the framework of OCA theory. The stabilization costs in OCA theory are based on implicit Keynesian assumptions of slow macroeconomic adjustment to real shocks due to rigid nominal prices or wages. Book Name: Monetary Policy and Macroeconomic Stabilization
Related Links	https://api.taylorfrancis.com/content/chapters/edit/download?identifierName=doi&identifierValue=10.4324/9781315124674-2&type=chapterpdf
DOI	10.4324/9781315124674-2
Language	English
Publisher	Informa UK Limited
Publisher Date	2017-09-08
Access Restriction	Open
Subject Keyword	Book Name: Monetary Policy and Macroeconomic Stabilization Finance Currency Areas Oca Theory Monetary Currency Area Composition Optimum Stabilization
Content Type	Text
Resource Type	Chapter

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