This paper tries to draw some lessons of the experience of ten years of EMU for the theory of Optimum Currency Areas. It examines whether, in the light of EMU, the OCA theory may be considered as a relevant framework for assessing the functioning of a monetary union as well as the costs and...

This paper surveys the different modeling frameworks which have been proposed to address inflation targeting regimes and their economic outcomes, with a special emphasis on the role of transparency. The different phases of this modeling process highlight two functions of transparency. First,...