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Currency Areas and Equilibrium |
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| Authors: | Cesarano Filippo |
| Affiliation: | (1) Banca d'Italia, Italy |
| Abstract: | The standard approach to optimum currency areas clashes with both modern monetary theory and empirical evidence. The present paper sets forth an equilibrium hypothesis that views the national border as the analogue of a policy measure impinging on agents' optimizing behavior. |
| Keywords: | optimum currency areas monetary union |
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