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This paper uses a dynamic stochastic general equilibrium model with three countries to study the effects of implementation of an open monetary union on international fluctuations. We consider the effects of unanticipated country specific shocks on technology and government spending. We compare the resulting fluctuations to a benchmark case with three independent currencies. We find that the implementation of monetary union reverses the expenditure switching effects between the goods produceddoi:10.2139/ssrn.1562570 fatcat:wjyd4zzzmrggfffzskzo2ievne