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Optimum Currency Areas Under Inflation Targeting |
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| Authors: | RØisland Øistein Torvik Ragnar |
| Institution: | (1) Research Department, Central Bank of Norway, P.O. Box 1179 Sentrum, N-0107 Oslo, Norway;(2) Department of Economics, Norwegian University of Science and Technology, N-7491 Trondheim, Norway; Research Department, Central Bank of Norway, P.O. Box 1179 Sentrum, N-0107 Oslo, Norway |
| Abstract: | Several countries face the choice between targeting inflation independently and entering a monetary union that targets inflation. The present paper extends the theory of optimum currency areas to deal with this choice. In contrast to the conventional theory, countries might form more of an optimum currency area the more asymmetric supply shocks are. |
| Keywords: | monetary union common currency asymmetric shocks output stability |
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