Credibility and Seigniorage in a Common Currency Area
证明共同货币区会放大货币政策缺乏可信度带来的低效率，铸币税再分配缺乏承诺导致货币联盟内过度通胀和次优税收，且产生多重低效均衡。
In the paper we show that common currency areas tend to amplify the inefficiencies associated with lack of credibility of monetary policy. Lack of commitment in redistribution of seigniorage leads to excessive inflation and suboptimal taxation in the Monetary Union. Lack of commitment to inflation creates multiple inefficient equilibria that do not exist in a regime of national monetary independence.