Welfare Effects of a Monetary Union: The Role of Trade Openness
用两国粘性价格商业周期模型评估货币联盟相对于浮动汇率制的福利效应，发现货币联盟通过消除利率平价冲击提高福利，且福利收益与贸易开放度正相关。
This paper evaluates the welfare effects of a monetary union (MU), compared to a floating exchange rate regime, using a quantitative business cycle model of a two-country world with sticky prices.It is assumed that, under a float, there are shocks to the uncovered interest rate parity (UIP) condition.These shocks are shown to have a negative effect on welfare--the detrimental effect is stronger, the higher the degree of trade openness.A MU eliminates UIP shocks, and it may thus raise welfare.The welfare gain from MU is positively linked to openness.