One Nation Under the Fed? The Asymmetric Effects of U.S. Monetary Policy and Its Implications for the United States as an Optimal Currency Area

Beckworth, David

doi:10.2139/ssrn.1439353

Abstract

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One Nation Under the Fed? The Asymmetric Effects of U.S. Monetary Policy and Its Implications for the United States as an Optimal Currency Area

David Beckworth

Texas State University

June 30, 2009

Abstract:
Is the United States best served by a single currency? This question is explored in this paper by looking at the regional effects of U.S. monetary policy shocks through the perspective of the Optimal Currency Area framework. Using monthly state-level data for the period 1983:1 to 2008:3, this paper finds that some regions of the United States during this time may have benefited from having their own currency.

Number of Pages in PDF File: 34

Keywords: optimal currency area, regional effects of monetary policy, U.S. monetary policy, vector autoregressions

JEL Classification: C32, E32, E52, E58, L16, R11

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Date posted: July 27, 2009 ; Last revised: September 21, 2009

Suggested Citation

Beckworth, David, One Nation Under the Fed? The Asymmetric Effects of U.S. Monetary Policy and Its Implications for the United States as an Optimal Currency Area (June 30, 2009). Available at SSRN: http://ssrn.com/abstract=1439353 or http://dx.doi.org/10.2139/ssrn.1439353

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David Beckworth (Contact Author)

Texas State University ( email )

601 University Drive
San Marcos, TX 78666-4616
United States