Exchange Rate Pass-Through and the Welfare Effects of the Euro
在一个粘性价格跨期模型中分析欧元如何改变欧洲消费者价格对汇率变化的敏感度，发现欧元使欧洲价格更不受汇率波动影响，并提升了欧洲福利，美国也从中受益。
This article explores the implications of the European single currency within a simple sticky price intertemporal model. We focus on the question of how the euro may change the sensitivity of consumer prices in Europe to exchange‐rate changes. Our central conjecture is that the acceptance of the euro will lead European prices to become more insulated from exchange‐rate volatility. We find that this affects both the volatility and levels of macroeconomic aggregates in both the U.S. and Europe. We find that European welfare is enhanced, and the U.S. shares in Europe's good fortune.