Kannan, Prakash - International Monetary Fund (IMF) - 2007
the emergence of the euro, there has been great interest in the consequences of a transfer of the US dollar's premier … international role to the euro. Building on recent advancements in the literature on search models of money, this paper presents a …'s currency. The welfare gain for the Euro area in having the euro internationally used ranges from 1.7% to 2.1% of consumption. …