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Currencies and the Allocation of Risk: The Welfare Effect of a Monetary Union

Author

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  • Neumeyer, P.A.

Abstract

In a general equilibrium model with incomplete asset markets, nominal securities, and mean-variance preferences, a monetary union is desirable when the gain from eliminating excess volatility of nominal variables exceeds the cost of reducing the number of currencies with which to hedge risks. Copyright 1998 by American Economic Association.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Neumeyer, P.A., 1995. "Currencies and the Allocation of Risk: The Welfare Effect of a Monetary Union," DELTA Working Papers 95-27, DELTA (Ecole normale supérieure).
    • Handle: RePEc:del:abcdef:95-27
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    Keywords

    EXCHANGE RATE; MONETARY UNION; PRICING;
    All these keywords.

    JEL classification:

    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System

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