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Economics - Economic Theory | Macroeconomic Analysis of Monetary Unions - A General Framework Based on the Mundell-Fleming Model

Macroeconomic Analysis of Monetary Unions

A General Framework Based on the Mundell-Fleming Model

Bajo-Rubio, Oscar, Díaz-Roldán, Carmen

2011, VII, 50 p.

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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

Related subjects » Economic Theory - International Economics / European Integration - Macroeconomics / Monetary Economics / Growth

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