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H The Model
rV CostBenefit Analysis of A Currency Union
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adjustment provided adjustment to shocks adoption aggregate argument assumptions asymmetric authority's loss function Bayoumi benefits capital mobility correlation between monetary correlation of real correlation of shocks cost-benefit analysis currency area literature currency union deadweight and efficiency degree of openness derive deutsche mark domestic monetary shocks effect elimination Equation European Union exchange rate regime fiscal federalism fiscal policy fiscal rule fiscal tool fixed exchange rate flexible exchange rates flexible rates foreign monetary shocks framework full employment Giavazzi Grauwe home country implies inflation and unemployment inflationary bias initial equilibrium instrument of adjustment international labor mobility International Monetary Fund investigate migration monetary policy money market money stocks money supply Mundell nominal income nominal rigidities nontraded open economies optimum currency area participation Phillips curve positively correlated real shocks relative price resolution of uncertainty returns to scale Section I B short run adjustment single currency Tamim Theory of Optimum trade shocks transaction costs wage