Macroeconomic Analysis of Monetary Unions

A General Framework Based on the Mundell-Fleming Model

Business & Finance, Economics, Macroeconomics, Theory of Economics
Cover of the book Macroeconomic Analysis of Monetary Unions by Oscar Bajo-Rubio, Carmen Díaz-Roldán, Springer Berlin Heidelberg
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Author: Oscar Bajo-Rubio, Carmen Díaz-Roldán ISBN: 9783642194450
Publisher: Springer Berlin Heidelberg Publication: May 6, 2011
Imprint: Springer Language: English
Author: Oscar Bajo-Rubio, Carmen Díaz-Roldán
ISBN: 9783642194450
Publisher: Springer Berlin Heidelberg
Publication: May 6, 2011
Imprint: Springer
Language: English

The book develops a general framework for the macroeconomic modeling of monetary unions. The starting point of the analysis is the standard two-country Mundell-Fleming model with perfect capital mobility, extended to incorporate the supply side in a context of rigid real wages, and modified so that the money market is common for two countries forming a monetary union. The model is presented in two versions: for a small and a large monetary union, respectively. After solving each model, the authors derive multipliers for monetary, expenditure, supply, and external shocks, both in the short and the long run; a graphical analysis is also provided. Special attention is paid to the crucial distinction between symmetric and asymmetric shocks.

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The book develops a general framework for the macroeconomic modeling of monetary unions. The starting point of the analysis is the standard two-country Mundell-Fleming model with perfect capital mobility, extended to incorporate the supply side in a context of rigid real wages, and modified so that the money market is common for two countries forming a monetary union. The model is presented in two versions: for a small and a large monetary union, respectively. After solving each model, the authors derive multipliers for monetary, expenditure, supply, and external shocks, both in the short and the long run; a graphical analysis is also provided. Special attention is paid to the crucial distinction between symmetric and asymmetric shocks.

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