This study introduces two novel metrics that calculate the degree of shock asymmetry which can be utilized to examine whether countries in a currency area face symmetric shocks. In an attempt to answer whether the symmetric shock assumption is fulfilled in the European case, the exchange rate transmission mechanism of all 14 countries that have joined the ERM and Sweden is explored. The findings point to the existence of two potential OCAs whereas the first and most stable one would be between Austria, Germany, and the Netherlands, and the extended second OCA would further include Belgium, Denmark, France, and Luxembourg.

中文翻译：

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最佳货币区内非对称和成对连通性的动态测量：来自 ERM I 系统的证据

本研究引入了两个计算冲击不对称程度的新指标，可用于检查货币区内的国家是否面临对称冲击。为了回答对称冲击假设在欧洲的情况下是否满足，对所有加入 ERM 的 14 个国家和瑞典的汇率传导机制进行了探讨。调查结果表明存在两个潜在的 OCA，而第一个也是最稳定的一个将在奥地利、德国和荷兰之间，而扩展的第二个 OCA 将进一步包括比利时、丹麦、法国和卢森堡。