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

Stéphane Auray
, Aurélien Eyquem

Université de Lille
Université Lumière Lyon II

Résultats de recherche: Contribution à un journal › Article › Revue par des pairs

Résumé

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.

Titre traduit de la contribution	Asymetrice shocks in a monetary union with incomplete financial markets
langue originale	Français
Pages (de - à)	667-677
Nombre de pages	11
journal	Revue Economique
Volume	60
Numéro de publication	3
Les DOIs	https://doi.org/10.3917/reco.603.0667
état	Publié - 18 mai 2009
Modification externe	Oui

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10.3917/reco.603.0667

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title = "Chocs asym{\'e}triques et bien-{\^e}tre en union mon{\'e}taire avec march{\'e}s financiers incomplets",

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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DO - 10.3917/reco.603.0667

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

Résumé

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