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Erscheinungsjahr: 
2002
Schriftenreihe/Nr.: 
Kiel Working Paper No. 1132
Verlag: 
Kiel Institute for World Economics (IfW), Kiel
Zusammenfassung: 
A small expectations-expanded "Mundell-Fleming" model is built for the European Union Accession Countries and estimated to assess the optimality of different exchange rate regimes (a peg and a float) through a simple welfare function. Floating appears as the best option for most of the countries in our sample, and this conclusion is robust to changes in the weights of the welfare function. The "shock absorbing" qualities of the regimes for different types of innovations is assessed via a VAR and a structural model, and here again the float seems to outperform a harder regime, in the emergence of temporary shocks.
Schlagwörter: 
Euro
Enlargement
Transition Economies
Exchange Rate Regimes
Mundell-Fleming Models
JEL: 
E52
E61
F02
P33
Dokumentart: 
Working Paper

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