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NBER Macroeconomics Annual

Optimal Currency Areas [статья]
Опубликовано на портале: 25-10-2007
Alberto Alesina, Robert J. Barro, Silvana Tenreyro NBER Macroeconomics Annual. 2002.  Vol. 17.
As the number of independent countries increases and their economies become more integrated, we would expect to observe more multi-country currency unions. This paper explores the pros and cons for different countries to adopt as an anchor the dollar, the euro, or the yen. Although there appear to be reasonably well-defined euro and dollar areas, there does not seem to be a yen area. We also address the question of how trade and co-movements of outputs and prices would respond to the formation of a currency union. This response is important because the decision of a country to join a union would depend on how the union affects trade and co-movements
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Опубликовано на портале: 17-05-2004
Allan Drazen NBER Macroeconomics Annual. 2000. 
Статья вышла через 25 лет после публикации Нордхауза (W. Nordhaus "The Political Business Cycle." Review of Economic Studies 1975 Vol. 42: 169-189.), в которой была предложена первая модель монетарного политико-делового цикла. Аллан Дрейзен дает обзор теорий политико-деловых циклов и эмпирических проверок, возникших за последние 25 лет. Автор предлагает и тестирует собственную модель цикла, включающую фискальную и денежную политики в рамках модели AFPM (active fiscal-passive monetary). Research on the political business cycle since the mid-1970s is surveyed and assessed. We argue that models based on monetary surprises as the driving force are unconvincing explanations of either opportunistic or partisan cycles. Research should concentrate on fiscal policy as the driving force, with monetary effects being the result of accommodation of fiscal impulses. We present a model political business cycle model that combines active fiscal policy and passive monetary policy (which we term the AFPM model), which addresses a number of objections to earlier models, We present some empirical tests supportive of this model.
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