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The model has been specifically designed for a monetary union
The supply side is completely developed
We examine the effects of all possible shocks affecting an economy
The analysis is performed both in the short and in the long run
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.
Content Level »Graduate
Keywords »Macroeconomic shocks - Monetary union - Mundell-Fleming model