Price Adjustment in Currency Unions: Another Dimension to the Endogeneity of the Optimum Currency Area Criteria?
研究货币联盟中工资和价格对冲击的反应是否比可调整钉住汇率制度下更大，因为缺乏汇率调整机制。实证表明价格灵活性存在一定程度的内生性，但调整速度缓慢，且国家自选择效应不显著。
Abstract In a rational expectations model, wages and prices should respond more to shocks in currency unions than under adjustable pegs because of the absence of exchange rate adjustment. This is an aspect of the endogeneity of the optimum currency area criteria that has been largely ignored. Empirical evidence from three currency unions tends to suggest some degree of endogeneity of price flexibility, but the rate of adjustment is slow. Self‐selection into currency unions by countries with naturally greater price flexibility does not appear to be a significant factor.