MONETARY UNION VIABILITY: A CRITERION PROPOSAL

Alberto Alonso; Vanesa Guzman

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MONETARY UNION VIABILITY: A CRITERION PROPOSAL

机译：货币联盟的可行性：一项标准提案

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We propose a model that represents the dynamic behaviour of a monetary union comprising two countries whose natural interest rates are initially unequal. This initial disparity and the subsequent application of a common monetary policy generate different national inflation rates and lead to losses of competitiveness, foreign deficits, and the indebtedness of one country with respect to the other. We propose as a viability criterion for the modelled monetary union a combination of non-explosive foreign debt and the ability of the central bank to neutralize the contracting effects of taking on additional debt to avoid falling into a liquidity trap.

机译：我们提出了一个模型，该模型代表了由自然利率最初不相等的两个国家组成的货币联盟的动态行为。这种最初的差距和随后采用的共同货币政策产生了不同的国家通货膨胀率，并导致竞争力丧失，外国赤字以及一个国家相对于另一个国家的债务。我们建议将非爆炸性外债与中央银行抵消新增债务的承包效应以避免陷入流动性陷阱的能力结合起来，作为模型化货币联盟的可行性标准。

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《Metroeconomica》 |2014年第4期|717-750|共34页
作者
Alberto Alonso; Vanesa Guzman;
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Department of Applied Economy Ⅲ Universidad Complutense of Madrid Campus de Somosaguas. 28223 Pozuelo de Alarcon Madrid Spain;

Department of Economics and Business Administration Universidad of La Laguna Campus de Guajara s. 38071 La Laguna Tenerife Spain;

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MONETARY UNION VIABILITY: A CRITERION PROPOSAL

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