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Macroeconomic Analysis of Monetary Unions

A General Framework Based on the Mundell-Fleming Model

  • Book
  • © 2011

Overview

Authors:
  1. Oscar Bajo-Rubio

    1. Department of Economics, Universidad de Castilla-La Mancha, Ciudad Real, Spain

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  2. Carmen Díaz-Roldán

    1. Department of Economics, Universidad de Castilla-La Mancha, Ciudad Real, Spain

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    You can also search for this author in PubMed   Google Scholar

  • 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
  • Includes supplementary material: sn.pub/extras

Part of the book series: SpringerBriefs in Economics (BRIEFSECONOMICS)

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Table of contents (1 chapter)

  1. Front Matter

    Pages i-vii
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  2. Macroeconomic Analysis of Monetary Unions

    • Oscar Bajo-Rubio, Carmen Díaz-Roldán
    Pages 1-39

  3. Back Matter

    Pages 41-49
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Keywords

About this book

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.

Authors and Affiliations

  • Department of Economics, Universidad de Castilla-La Mancha, Ciudad Real, Spain

    Oscar Bajo-Rubio, Carmen Díaz-Roldán

About the authors

Oscar Bajo-Rubio is Professor of Economics at the University of Castilla-La Mancha and currently President of the Spanish Association of International Economics and Finance. Carmen Díaz-Roldán is Associate Professor of Economics at the same University.

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