Asymmetric Shocks and Monetary Policy in a Currency Union
研究了货币联盟面对不对称冲击时如何实施货币政策，比较了货币联盟与其他汇率安排的稳定效果，发现其表现取决于消费和生产的一体化程度以及央行对物价与就业稳定的权衡。
We analyze the conduct of monetary policy in a currency union in the face of asymmetric shocks. In particular, we compare the stabilization properties of a currency union versus alternative exchange rate arrangements. The relative performance of a currency union is shown to depend on the extent of economic integration in patterns of consumption and production and on the relative weights placed on price stability versus employment stability in the monetary authority's objective function.