Bulletin n. 1/2017
June 2017
  • Section A) The theory and practise of the federal states and multi-level systems of government
  • Section B) Global governance and international organizations
  • Section C) Regional integration processes
  • Section D) Federalism as a political idea
  • Chaban, Maxym; Voss, Graham M.
    Is Canada an optimal currency area? An inflation targeting perspective
    in Canadian Journal of Economics/Revue Canadienne d'Economique , Volume 49, Number 2 ,  2016 ,  738-771
    We propose a method, based on the currency union model of Galí and Monacelli (), to determine whether a region within an existing currency area belongs in the currency union. The method involves assessing the predictability of regional inflation rates at medium term horizons. We apply the method to the Canadian provinces and find that for all but Alberta there is little evidence of costs in terms of inflation arising from national monetary policy. For Alberta, the evidence suggests that they are not as well served by the inflation targeting framework and that a more flexible policy environment might improve inflation outcomes.
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