Welfare Implications of the Design of an Asymmetric Currency Union with Output Persistence (original) (raw)

2000

Abstract

Consideration is given to how the welfare of the Member countries of a currency union is affected by asymmetric national output shocks. It is shown that relatively small member countries favour a situation where the group of national central bank presidents is in a strong position while large countries prefer decisions to be taken by the central- bank board. The

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