My da|ra Login

Detailed view

metadata language: English

Replication data for: Welfare Reversals in a Monetary Union

Version
V0
Resource Type
Dataset
Creator
  • Auray, Stéphane
  • Eyquem, Aurélien
Publication Date
2014-10-01
Description
  • Abstract

    We show that welfare can be lower under complete financial markets than under autarky in a monetary union with home bias, sticky prices, and asymmetric shocks. Such a monetary union is a second- best environment in which the structure of financial markets affects risk-sharing but also shapes the dynamics of inflation rates and the welfare costs from nominal rigidities. Welfare reversals arise for a variety of empirically plausible degrees of price stickiness when the Marshall-Lerner condition is met. These results carry over a model with active fiscal policies, and hold within a medium-scale model, although to a weaker extent.
Availability
Download
Relations
  • Is supplement to
    DOI: 10.1257/mac.6.4.246 (Text)
Publications
  • Auray, Stéphane, and Aurélien Eyquem. “Welfare Reversals in a Monetary Union.” American Economic Journal: Macroeconomics 6, no. 4 (October 2014): 246–90. https://doi.org/10.1257/mac.6.4.246.
    • ID: 10.1257/mac.6.4.246 (DOI)

Update Metadata: 2020-05-18 | Issue Number: 2 | Registration Date: 2019-10-13

Auray, Stéphane; Eyquem, Aurélien (2014): Replication data for: Welfare Reversals in a Monetary Union. Version: V0. ICPSR - Interuniversity Consortium for Political and Social Research. Dataset. https://doi.org/10.3886/E114308