Implications of Monetary Union for Catching-up Member States

Abstract

4 Non-technical summary 5 7 2 10 2.1 Sectors and aggregation 10 2.2 Relative prices 11 2.3 Real exchange rate and sectoral productivity shocks 12 2.4 Nominal rigidity and aggregate supply 14 3 Autonomous monetary policy 15 4 The currency union 17 4.1 Determination of union-wide output and prices 18 4.2 Currency union’s welfare 19 4.3 Reference member state… (More)

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