상세검색
최근 검색어 전체 삭제
다국어입력
즐겨찾기0
학술저널

Endogenously Asymmetric Demand Shocks in a Monetary Union

Endogenously Asymmetric Demand Shocks in a Monetary Union

  • 0
145199.jpg

This paper presents a two-country two-industry monetary model, with intermediate inputs and transport costs, which builds a bridge between the New Open Economy Macroeconomics and the New Economic Geography literatures. Endogenously asymmetric shocks arise in this model when the exchange rate regime in force fosters the concentration of each industry in one country, thus turning industry-specific shocks into country-specific shocks. Because of the conjunction of substitution and/or income effects, endogenously asymmetric demand shocks are found more likely to arise in a monetary union than under a flexible exchange rate regime.

Ⅰ. Introduction

Ⅱ. The Model

Ⅲ. The Sustainability of Concentration

Ⅳ. The Stability of Dispersion

Ⅴ. Conclusion

(0)

(0)

로딩중