Chari, V. V.; Dovis, Alessandro; Kehoe, Patrick J.(2017-09)
We offer a theoretically based narrative that attempts to account both for the formation of the European Monetary Union and the callenges it has faced. Lack of commitment to policy plays a central role in this narrative.
Chari, V. V.; Dovis, Alessandro; Kehoe, Patrick J.(2016-02)
The traditional Mundellian criterion, which implicitly assumes commitment to monetary policy, is that countries with similar shocks should form unions. Without such commitment a new criterion emerges: countries with ...
