Chocs asymétriques et bien-être en union monétaire avec marchés financiers incomplets

Stéphane Auray; Aurélien Eyquem

doi:10.3917/reco.603.0667

Chocs asymétriques et bien-être en union monétaire avec marchés financiers incomplets

Translated title of the contribution: Asymetrice shocks in a monetary union with incomplete financial markets

Stéphane Auray
, Aurélien Eyquem

Université de Lille
Université Lumière Lyon II

Research output: Contribution to journal › Article › peer-review

1 Citation (Scopus)

Abstract

This paper shows that financial market incompleteness leads to welfare gains in a monetary union where nominal rigidities and asymmetric shocks do exist. Incomplete financial markets reduce the volatility of the national inflation rates. Welfare gains associated with this decrease are higher than the welfare cost due to the imperfect risk sharing. The net effect is positive and the gains are about 0.05 % in terms of permanent consumption.

Translated title of the contribution	Asymetrice shocks in a monetary union with incomplete financial markets
Original language	French
Pages (from-to)	667-677
Number of pages	11
Journal	Revue Economique
Volume	60
Issue number	3
DOIs	https://doi.org/10.3917/reco.603.0667
Publication status	Published - 18 May 2009
Externally published	Yes

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abstract = "This paper shows that financial market incompleteness leads to welfare gains in a monetary union where nominal rigidities and asymmetric shocks do exist. Incomplete financial markets reduce the volatility of the national inflation rates. Welfare gains associated with this decrease are higher than the welfare cost due to the imperfect risk sharing. The net effect is positive and the gains are about 0.05 \% in terms of permanent consumption.",

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AB - This paper shows that financial market incompleteness leads to welfare gains in a monetary union where nominal rigidities and asymmetric shocks do exist. Incomplete financial markets reduce the volatility of the national inflation rates. Welfare gains associated with this decrease are higher than the welfare cost due to the imperfect risk sharing. The net effect is positive and the gains are about 0.05 % in terms of permanent consumption.

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Chocs asymétriques et bien-être en union monétaire avec marchés financiers incomplets

Abstract

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