In the interim stage of currency unification, an exchange rate uncertainty
would be unavoidable. Against this uncertainty, real-value anchored
unit-of-account (RUoA) is studied in a standard monetary general equilibrium
model. Particularly, the model is asked to suggest the conditions under which
RUoA can improve welfare. Our results imply that RUoA can indeed enhance
welfare if the volatility of exchange rate and the frequency of inter-country
transactions are high enough. Otherwise, however, it turns out that RUoA
deteriorates the welfare mainly due to its maintenance cost.