Artikel

Welfare Implications of the Design of a Currency Union in Case of Member Countries of Different Sizes

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In dem Artikel werden einige der Kriterien optimaler Währungsräume im Rahmen eines formalen Wohlfahrtsmodells aufgegriffen. Es wird der Frage nachgegangen, wie die Wohlfahrt der Mitgliedsländer einer Währungsunion durch symmetrische und asymmetrische nationale Outputschocks beeinflusst wird. Die Bestimmung der Implikationen für die Wohlfahrt geschieht sowohl analytisch als auch mithilfe von Simulationen. Dazu werden die optimalen geldpolitischen Regeln der supranationalen Zentralbank unter Verwendung des Barro-Gordon- Ansatzes hergeleitet. Der Zentralbankrat kann aus einem Zentralbankdirektorium und einer Gruppe nationaler Zentralbankpräsidenten bestehen. In der Analyse wird den nationalen Präsidenten unterstellt, dass sie nur ihre eigenen Ökonomien im Blick haben. In einem Zwei-Länder-Modell können die Volkswirtschaften verschieden groß sein und es kann unterschiedliche Grade der Arbeitsmobilität geben. Es wird gezeigt, dass relativ kleine Mitgliedsländer eine starke Position der Gruppe der nationalen Zentralbankpräsidenten begrüßen, während große Länder geldpolitische Entscheidungen durch das Zentralbankdirektorium bevorzugen. Die Präferenzen sind umso stärker ausgeprägt je niedriger die Arbeitsmobilität. Darüber hinaus beeinflussen Unterschiede in den nationalen monetären Transmissionsmechanismen und unterschiedliche nationale Inflations- und Outputpräferenzen die Wohlfahrt.

Language: Englisch

Bibliographic citation: Journal: Kredit und Kapital ; ISSN: 1865-5734 ; Volume: 38 ; Year: 2005 ; Issue: 2 ; Pages: 177-206

Classification: Wirtschaft
Monetary Policy
Central Banks and Their Policies
Policy Objectives; Policy Designs and Consistency; Policy Coordination

Event: Geistige Schöpfung

(who): Frey, Rainer

Event: Veröffentlichung

(who): Duncker & Humblot

(where): Berlin

(when): 2005

DOI: doi:10.3790/ccm.38.2.177

Last update: 10.03.2025, 11:45 AM CET

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Object type

Artikel

Associated

Frey, Rainer
Duncker & Humblot

Time of origin

2005

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