Macroeconomic Analysis of Monetary - E-book

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Macroeconomic Analysis Of Monetary Unions - ENG

A General Framework Based On The Mundell-fleming Model

Oscar Bajo-Rubio; Carmen Díaz-Roldán

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Sinopsis

ISBN:	9783642194450
Formato:	ePub
Idioma:	Inglés
Editorial:	Springer Nature
Tema:	Negocios y economía
Subtema:	Macroeconomía
Año de publicación:	2011-05-06

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.

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