Christev, Atanas; Melitz, Jacques - Centre d'études prospectives et d'informations … - 2011
We take a new approach to the study of the impact of EMU on consumption smoothing that allows a broader range of …-country holdings of property and claims, as is often the case. Consequently, we find that while EMU tends to smooth consumption, it is … rather than EMU as such but EMU adds to it. As a fundamental part of the analysis, the paper uses a new index of currency …