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An optimum-currency-area odyssey

机译：最佳货币区漫游

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The theory of optimum-currency-areas was conceived and developed in three highly influential papers, written by Mundell (1961). McKinnon (1963) and Kenen (1969). Those authors identified characteristics that potential members of a monetary union should ideally possess in order to make it feasible to surrender a nationally-tailored monetary policy and the adjustment of an exchange rate of a national currency. We trace the development of optimum-currency-area theory, which, after a flurry of research into the subject in the 1960s, was relegated to intellectual purgatory for about 20 years. We then discuss factors that led to a renewed interest into the subject, beginning in the early 1990s. Milton Friedman plays a pivotal role in our narrative; Friedman's work on monetary integration in the early 1950s presaged subsequent optimum-currency-area contributions; Mundell's classic formulation of an optimal currency area was aimed, in part, at refuting Friedman's "strong" case for floating exchange rates; and Fried man's work on the role of monetary policy had the effect of helping to revive interest in optimum-currency-area analysis. The paper concludes with a discussion of recent analytical work, using New Keynesian models, which has the promise of fulfilling the unfinished agenda set-out by the original contributors to the optimum-currency-area literature, that is, providing a consistent framework in which a country's characteristics can be used to determine its optimal exchange-rate regime.
机译：最佳货币区理论是在Mundell（1961）撰写的三篇极具影响力的论文中提出和发展的。麦金农（1963）和克南（1969）。这些作者确定了潜在的货币联盟成员应理想地具有的特征，以使其有可能投降按国家量身定制的货币政策和调整本国货币的汇率。我们追踪最佳货币领域理论的发展，该理论在1960年代对该主题进行了一系列研究之后，被贬为知识炼狱20年。然后，我们讨论从1990年代初开始引起人们对该主题重新产生兴趣的因素。米尔顿·弗里德曼（Milton Friedman）在我们的叙述中起着举足轻重的作用。弗里德曼（Friedman）在1950年代初关于货币整合的工作预示了随后的最佳货币领域贡献。蒙代尔（Mundell）关于最佳货币区的经典表述部分旨在驳斥弗里德曼（Friedman）关于浮动汇率的“强”理由；弗里德曼（Friedman）关于货币政策作用的工作，有助于重新唤起人们对最佳货币领域分析的兴趣。本文以使用新凯恩斯模型的最近分析工作的讨论作为结束，该模型有望实现原始参与者对最佳货币领域文献所做的未完成的议程设定，即提供一个一致的框架，一个国家的特征可以用来确定其最佳汇率制度。

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