Wage Rigidity and Monetary Union
在一个非对称三国模型中比较货币联盟与浮动汇率制，发现名义工资刚性高的国家从货币联盟中获益，而工资更灵活的国家加入刚性高的联盟则可能受损。对英国加入欧洲货币联盟的成本提供了分析。
We compare monetary union to flexible exchange rates in an asymmetric, three-country model with active monetary policy. We find that countries with a high degree of nominal wage rigidity benefit from monetary union, especially when they join other, similarly rigid countries. Countries with relatively more flexible wages tend to be worse off in unions with countries that have more rigid wages. We examine France, Germany and the UK and find that the welfare implications of monetary arrangements depend more on the degree of wage asymmetry than on other types of asymmetries and that the higher wage flexibility in the UK would make its participation in EMU costly. Copyright 2005 Royal Economic Society.