The Welfare Gains of Trade Integration in the European Monetary Union

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Auteurs
Date

2009

Discipline
Type de document
Périmètre
Langue
Identifiants
Source

HAL SHS (Sciences de l’Homme et de la Société)

Collection

Archives ouvertes

Organisation

Centre pour la communication scientifique directe

Licence

info:eu-repo/semantics/OpenAccess

Mots-clés En

trade integration inflation differentials welfare analysis optimal currency areas

Sujets proches En

Trade Commercial trade Foreign trade Trade Trade

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Stéphane Auray et al., « The Welfare Gains of Trade Integration in the European Monetary Union », HAL SHS (Sciences de l’Homme et de la Société), ID : 10670/1.88d039...

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Résumé En

This paper evaluates the welfare gains arising from a deeper trade integration in the European Monetary Union. To do this, the European Monetary Union is represented in a realistic way by an intertemporal general equilibrium model with incomplete financial markets, sticky prices and home bias both in private consumption and production. The model is estimated and globally not rejected by the data. Two main results emerge : (i) an increase in vertical (intermediate goods) trade implies welfare gains while (ii) an increase in horizontal trade implies welfare losses.

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