Stability, asymmetry and discontinuity: the outset of European Monetary Union
Giancarlo Corsetti Yale University and University of Bologna Paolo Pesenti Federal Reserve Bank of New York and NBER
First draft: August 1999 Revised: September 1999
* Forthcoming in Brookings Papers on Economic Activity, December 1999. We thank, without involving, Ignazio Angeloni, Alan Blinder, Bill Brainard, Vitor Gaspar, Linda Goldberg, Vittorio Grilli, Howard Howe, Andrew Jewell, Vincenzo Lavia, George Perry, Alessandro Prati, Guido Rey, Chris Sims, Dorothy Sobol, and seminar participants at the September 1999 Brookings Panel for helpful comments. Scott Nicholson has provided excellent research assistance. The views expressed here are those of the authors, and do not necessarily reflect those of the Federal Reserve Bank of New York, the Federal Reserve System, or any other institution with which the authors are affiliated. Correspondence:
[email protected] and
[email protected].
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