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Optimal Currency Areas


Alberto F. Alesina


Harvard University - Department of Economics; Centre for Economic Policy Research (CEPR); National Bureau of Economic Research (NBER)

Robert J. Barro


Harvard University - Department of Economics; National Bureau of Economic Research (NBER)

Silvana Tenreyro


London School of Economics (LSE)

June 2002

Harvard Institute Research Working Paper No. 1958

Abstract:     
As the number of independent countries increases and their economies become more integrated, we would expect to observe more multi-country currency unions. This paper explores the pros and cons for different countries to adopt as an anchor the dollar, the euro, or the yen. Although there appear to be reasonably well-defined euro and dollar areas, there does not seem to be a yen area. We also address the question of how trade and co-movements of outputs and prices would respond to the formation of a currency union. This response is important because the decision of a country to join a union would depend on how the union affects trade and co-movements.

Number of Pages in PDF File: 48

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Date posted: July 19, 2002  

Suggested Citation

Alesina, Alberto F. and Barro, Robert J. and Tenreyro, Silvana, Optimal Currency Areas (June 2002). Harvard Institute Research Working Paper No. 1958. Available at SSRN: http://ssrn.com/abstract=319761 or http://dx.doi.org/10.2139/ssrn.319761

Contact Information

Alberto F. Alesina (Contact Author)
Harvard University - Department of Economics ( email )
Littauer Center
Cambridge, MA 02138
United States
617-495-8388 (Phone)
617-495-7730 (Fax)
Centre for Economic Policy Research (CEPR)
77 Bastwick Street
London, EC1V 3PZ
United Kingdom
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Robert J. Barro
Harvard University - Department of Economics ( email )
Littauer Center
Cambridge, MA 02138
United States
617-495-3203 (Phone)
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Silvana Tenreyro
London School of Economics (LSE) ( email )
Houghton Street
London WC2A 2AE
United Kingdom
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