Currency Unions

Autorentext
Alberto Alesina received his Ph.D. in 1986 from Harvard, where he became a full professor in 1993. Robert J. Barro is a senior fellow at the Hoover Institution and the Robert C. Waggoner Professor of Economics at Harvard University. He is an editor of the Quarterly Journal of Economics.

Klappentext
A diverse group of experts on international monetary policy examines the basic conceptual issues of currency unions and other monetary regimes, including flexible and fixed exchange rates; assesses the available empirical evidence on the performance of these alternative monetary systems; and draws policy conclusions on the desirability of currency unions for countries in various circumstances. Contributors: Alberto Alesina. Robert J. Barro, Eduardo Borensztein, Christian Broda, Guillermo A. Calvo, Felipe Cespedes, Roberto Chang, Charles Engel, Stanley Fischer, Jeffrey A. Frankel, Maurice Obstfeld, Carmen M. Reinhart, Kenneth Rogoff, Andrew Rose, Andres Velasco, Jeromin Zettelmeyer


Zusammenfassung
Reviews the traditional case for flexible exchange rates and countercyclical - that is, expansionary during recessions and contractionary in booms - monetary policy, and shows how flexible exchange rate regimes can better insulate the economy from such real disturbances as terms-of-trade shocks.

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