Currencies and the Allocation of Risk: The Welfare Effects of a Monetary Union

American Economic Review

Volumn 88, Issue 1, 1998, Pages 246-259

  Neumeyer, Pablo Andrés ^a  

^a UNIVERSITY OF SOUTHERN CALIFORNIA   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 0001049762     PISSN: 00028282     EISSN: None     Source Type: Journal    
DOI: None     Document Type: Article

References (35)

1. Alesina, Alberto and Drazen, Allan. "Why Are Stabilizations Delayed." American Economic Review, December 1991, 81(5), pp. 1170-88.
2. Balasko, Yves and Cass, David. "The Structure of Financial Equilibrium with Exogenous Yields: The Case of Incomplete Markets." Econometrica, January 1989, 57(1), pp. 135-62.
3. Bean, Charles. "Economic and Monetary Union in Europe." Journal of Economic Perspectives, Fall 1992, 6(4), pp. 31-52.
4. Bordo, Michael D. and Kydland, Finn E. "The Gold Standard as a Rule: An Essay in Exploration." Explorations in Economic History, October 1995, 32(4), pp. 423-64.
5. Calvo, Gillermo A. "Servicing the Public Debt: The Role of Expectations." American Economic Review, September 1988, 78(4), pp 647-61.
6. Canzoneri, Matthew B. and Rogers, Carol Ann. "Is the European Community an Optimal Currency Area? Optimal Taxation versus the Cost of Multiple Currencies." American Economic Review. June 1990, 80(3), pp. 419-33.
7. Cass, David. "On the Number of Equilibrium Allocations with Incomplete Financial Markets." CARESS Working Paper No 85-16, University of Pennsylvania, 1985.
8. _. "Sunspots and Incomplete Financial Markets: The Leading Example," in George Feiwel, ed., The economics of imperfect competition and employment: Joan Robinson and beyond. New York: New York University Press, 1989, pp. 677-93.
9. Cavallo, Domingo F. and Cottani, Joaquin A. "Argentina's Convertibility Plan and the IMF." American Economic Review, May 1997 (Papers and Proceedings), 87(2), pp. 17-22.
10. Chari, V. V.; Christiano, Laurence J. and Eichenbaum, Martin. "Expectation Traps and Discretion." Working paper, Northwestern University, 1996.
11. Christiano, Lawrence J. and Eichenbaum, Martin. "Identification and the Liquidity Effect of a Monetary Policy Shock," in Alex Cukierman, Zvi Hercowitz, and Leonardo Leiderman, eds., Political economy, growth, and business cycles. Cambridge, MA: MIT Press, 1992, pp. 335-70.
12. Eichengreen, Barry. Golden fetters: The gold standard and the Great Depression, 1919-1939. Oxford: Oxford University Press, 1992.
13. _. "European Monetary Unification." Journal of Economic Literature, September 1993, 31(3), pp. 1321-37.
14. Fisher, Irving. 100% money; designed to keep checking banks 100% liquid; to prevent inflation and deflation; largely to cure or prevent depressions; and to wipe out much of the national debt. New York: Adelphi, 1936.
15. Frieden, Jeffry A. "Making Commitments: France and Italy in the European Monetary System, 1979-1985," in Barry Eichengreen and Jeffry A. Frieden, eds., The political economy of European monetary unification. Boulder, CO: Westview Press, 1994a.
16. _. "Exchange Rate Politics: Contemporary Lessons from American Politics." Review of International Political Economy, Spring 1994b, 1(1), pp. 81-103.
17. Friedman, Milton. A program for monetary stability. New York: Fordham University Press, 1960.
18. _. "Should There Be an Independent Monetary Authority?" in Leland B. Yeager, ed., In search of a monetary constitution. Cambridge, MA: Harvard University Press, 1962, pp. 219-43.
19. Friedman, Milton and Schwartz, Anna. A monetary history of the United States, 1867-1960. New York: National Bureau of Economic Research, 1963.
20. Geanakoplos, John and Mas-Colell, Andreu. "Real Indeterminacy with Financial Assets." Journal of Economic Theory, February 1989, 47(1), pp. 22-38.
21. Helpman, Elhanan. "An Exploration in the Theory of Exchange-Rate Regimes." Journal of Political Economy, October 1981, 89(5), pp. 865-90.
22. Helpman, Elhanan and Razin, Assaf. "A Comparison of Exchange Rate Regimes in the Presence of Imperfect Capital Markets." International Economic Review, June 1982, 23(2), pp. 365-88.
23. Kareken, John H., and Wallace, Neil. "On the Indeterminacy of Equilibrium Exchange Rates." Quarterly Journal of Economics, May 1981, 96(2), pp. 207-22.
24. Kydland, Finn E. and Prescott, Edward C. "Rules Rather than Discretion: The Inconsistency of Optimal Plans." Journal of Political Economy, June 1977, 85(3), pp. 473-91.
25. Lucas, Robert E., Jr. "Interest Rates and Currency Prices in a Two-Country World." Journal of Monetary Economics, November 1982, 10(3), pp. 335-59.
26. Magill, Michael and Quinzii, Martine. "Real Effects of Money in General Equilibrium." Journal of Mathematical Economics, 1992, 21(4), pp. 301-42.
27. _. Theory of incomplete markets. Cambridge, MA: MIT Press, 1996.
28. Mundell, Robert A. "A Theory of Optimum Currency Areas." American Economic Review, September 1961, 51(4), pp. 657-65.
29. _. "Uncommon Arguments for Common Currencies," in Harry Johnson and Alexander Swoboda, eds., The economics of common currencies. Cambridge, MA: Harvard University Press, 1973, pp. 114-32.
30. Mussa, Michael. "Political and Institutional Commitment to a Common Currency." American Economic Review, May 1997 (Papers and Proceedings), 87(2), pp. 217-20.
31. Neumeyer, Pablo Andrés. "Currencies and the Allocation of Risk: The Welfare Effects of a Monetary Union." DELTA Working Paper No. 95-27, September 1995.
32. Persson, Torsten and Svensson, Lars E. O. "Exchange Rate Variability and Asset Trade." Journal of Monetary Economics, May 1989, 25(3), pp. 485-509.
33. Polemarchakis, Heracles. "Portfolio Choice, Exchange Rates and Indeterminacy." Journal of Economic Theory, December 1988, 46(2), pp. 414-21.
34. Siconolfi, Paolo. "Sunspot Equilibria and Incomplete Financial Markets." Journal of Mathematical Economics, 1991, 20(3), pp. 327-39.
35. Svensson, Lars E. O. "Trade in Nominal Assets: Monetary Policy, and Price Level and Exchange Risk." Journal of International Economics, February 1989, 26(1/2), pp. 1-28.