Coordination Of Monetary And Fiscal Policies

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Coordination of Monetary and Fiscal Policies

International Monetary Fund
Coordination of Monetary and Fiscal Policies Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 33 pages
File Size : 49,9 Mb
Release : 1998-03-01
Category : Business & Economics
ISBN : 9781451844238

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Coordination of Monetary and Fiscal Policies by International Monetary Fund Pdf

Recently, monetary authorities have increasingly focused on implementing policies to ensure price stability and strengthen central bank independence. Simultaneously, in the fiscal area, market development has allowed public debt managers to focus more on cost minimization. This “divorce” of monetary and debt management functions in no way lessens the need for effective coordination of monetary and fiscal policy if overall economic performance is to be optimized and maintained in the long term. This paper analyzes these issues based on a review of the relevant literature and of country experiences from an institutional and operational perspective.

Generic Study on Monetary and Fiscal Policy Co-Ordination

Vijayakumar Honnungar
Generic Study on Monetary and Fiscal Policy Co Ordination Book PDF

Author : Vijayakumar Honnungar
Publisher : GRIN Verlag
Page : 29 pages
File Size : 40,8 Mb
Release : 2011-07
Category : Electronic
ISBN : 9783640942770

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Generic Study on Monetary and Fiscal Policy Co-Ordination by Vijayakumar Honnungar Pdf

Research Paper (postgraduate) from the year 2010 in the subject Economics - Finance, grade: A, The ESC Rennes School of Business (-), course: MSc, language: English, abstract: This paper attempts to study the importance of both Monetary Policy and Fiscal Policy in the international context. And also to understand the chemistry between Monetary and Fiscal policy and extent to which the coordination can be achieved. In any open economy, Monetary policy is designed, formulated and being conducted by the central Bank, wherein the National Planning or Ministry of Finance of the respective country is responsible for designing, formulating and conducting the Fiscal policy for the nation. This research paper finds that there is a close linkage between Monetary and Fiscal policy and hence the proper coordination leads to addressing today's biggest talk of nation‟s deficit. Currently there is an abundance of literature available on both Monetary and Fiscal policy. There is also good number of books available containing plethora of information on the subject. This research paper addresses the importance, impact, and issues of Monetary and Fiscal policy in open economy.

Issues in the Coordination of Monetary and Fiscal Policy

Alan S. Blinder
Issues in the Coordination of Monetary and Fiscal Policy Book PDF

Author : Alan S. Blinder
Publisher : Unknown
Page : 76 pages
File Size : 55,7 Mb
Release : 1982
Category : Fiscal policy
ISBN : PSU:000007989513

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Issues in the Coordination of Monetary and Fiscal Policy by Alan S. Blinder Pdf

This paper examines issues in the current debate over coordination between fiscal and monetary policies. Section I1 uses the traditional targets-instruments approach to assess the potential gains from greater coordination. Since greater coordination is often equated with looser money and tighter fiscal policy, two econometric models of the economy are used to estimate the quantitative importance of the policy mix. Expectational effects that arise from the government budget constraint are also analyzed. Section III shows that our attitudes toward the non- coordination problem may be quite different depending on why policies were not coordinated to begin with, and argues that there are plausible circumstances under which it may be better to have uncoordinated policies. Section IV turns to the design of a coordination system. The game-theoretic aspects of having two independent authorities are stressed, and I offer a general reason to expect that uncoordinated behavior will result in tight money and loose fiscal policy even when both parties would prefer easy money and tight fiscal policy. Finally, Section, considers the old "rules versus discretion" debate from the particular perspective of this paper

International Economic Policy Coordination

Michael Carlberg
International Economic Policy Coordination Book PDF

Author : Michael Carlberg
Publisher : Springer Science & Business Media
Page : 336 pages
File Size : 46,9 Mb
Release : 2005-03-04
Category : Business & Economics
ISBN : 354024445X

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International Economic Policy Coordination by Michael Carlberg Pdf

This book studies the international coordination of monetary and fiscal policies in the world economy. It carefully discusses the process of policy competition and the structure of policy cooperation. As to policy competition, the focus is on monetary and fiscal competition between Europe and America. Similarly, as to policy cooperation, the focus is on monetary and fiscal cooperation between Europe and America. The spillover effects of monetary policy are negative while the spillover effects of fiscal policy are positive. The policy targets are price stability and full employment. The policy makers follow either cold-turkey or gradualist strategies. Policy expectations are adaptive or rational. The world economy consists of two, three or more regions. The present book is part of a larger research project on European Monetary Union, see the references at the back of the book. Some parts of this project were presented at the World Congress of the International Economic Association in Lisbon. Other parts were presented at the International Institute of Public Finance, at the Macro Study Group of the German Economic Association, at the Annual Meeting of the Austrian Economic Association, at the Gottingen Workshop on International Economics, at the Halle Workshop on Monetary Economics, at the Research Seminar on Macroeconomics in Freiburg, and at the Passau Workshop on International Economics.

International Coordination of Fiscal Policies

International Monetary Fund
International Coordination of Fiscal Policies Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 40 pages
File Size : 50,9 Mb
Release : 1988-08-04
Category : Business & Economics
ISBN : 9781451960235

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International Coordination of Fiscal Policies by International Monetary Fund Pdf

International coordination of macroeconomic policies has attracted much attention in recent years. The main issue has been whether economic performance can be improved by coordination Although it is still a controversial issue many economists have argued that coordination would make a positive contribution to economic performance. This paper deals with the requirements for successful fiscal coordination. It concludes that those requirements are such that the best fiscal policies that countries can pursue are those aimed at putting their houses in order.

Monetary and Fiscal Policies in EMU

Marco Buti
Monetary and Fiscal Policies in EMU Book PDF

Author : Marco Buti
Publisher : Cambridge University Press
Page : 376 pages
File Size : 49,6 Mb
Release : 2003-11-13
Category : Business & Economics
ISBN : 0521832152

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Monetary and Fiscal Policies in EMU by Marco Buti Pdf

Leading scholars and policy makers examine the challenges that are facing economic policies in the EMU today.

Policy Coordination in a Monetary Union

Michael Carlberg
Policy Coordination in a Monetary Union Book PDF

Author : Michael Carlberg
Publisher : Springer Science & Business Media
Page : 284 pages
File Size : 52,5 Mb
Release : 2013-06-05
Category : Business & Economics
ISBN : 9783540247975

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Policy Coordination in a Monetary Union by Michael Carlberg Pdf

A comprehensive study of the international coordination of economic policy in a monetary union. It carefully discusses the process of policy competition and the structure of policy cooperation. As to policy competition, the focus is on competition between the union central bank, the German government, and the French government. Similarly, as to policy cooperation, the focus is on cooperation between the union central bank, the German government, and the French government. The key questions are: Does the process of policy competition lead to full employment and price stability? Can these targets be achieved through policy cooperation? And is policy cooperation superior to policy competition? Another important issue is monetary competition / monetary cooperation between Europe and America.

The Benefits of International Policy Coordination Revisited

Mr.Jaromir Benes,Mr.Michael Kumhof,Mr.Douglas Laxton,Mr.Dirk Muir,Susanna Mursula
The Benefits of International Policy Coordination Revisited Book PDF

Author : Mr.Jaromir Benes,Mr.Michael Kumhof,Mr.Douglas Laxton,Mr.Dirk Muir,Susanna Mursula
Publisher : International Monetary Fund
Page : 53 pages
File Size : 55,6 Mb
Release : 2013-12-23
Category : Business & Economics
ISBN : 9781475551891

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The Benefits of International Policy Coordination Revisited by Mr.Jaromir Benes,Mr.Michael Kumhof,Mr.Douglas Laxton,Mr.Dirk Muir,Susanna Mursula Pdf

This paper uses two of the IMF’s DSGE models to simulate the benefits of international fiscal and macroprudential policy coordination. The key argument is that these two policies are similar in that, unlike monetary policy, they have long-run effects on the level of GDP that need to be traded off with short-run effects on the volatility of GDP. Furthermore, the short-run effects are potentially much larger than those of conventional monetary policy, especially in the presence of nonlinearities such as the zero interest rate floor, minimum capital adequacy regulations, and lending risk that depends in a convex fashion on loan-to-value ratios. As a consequence we find that coordinated fiscal and/or macroprudential policy measures can have much larger stimulus and spillover effects than what has traditionally been found in the literature on conventional monetary policy.

coordinating public debt management with fiscal and monetary policies: an analytical framework

Eriko Togo
coordinating public debt management with fiscal and monetary policies an analytical framework Book PDF

Author : Eriko Togo
Publisher : World Bank Publications
Page : 37 pages
File Size : 51,5 Mb
Release : 2012
Category : Electronic
ISBN : 8210379456XXX

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coordinating public debt management with fiscal and monetary policies: an analytical framework by Eriko Togo Pdf

This paper proposes a sovereign asset and liability management framework for analyzing the inter-relationships between debt management, fiscal and monetary policies. It illustrates the consequences of uncoordinated policy mix and extends Sargent and Wallace (1981 and 1993) by including debt management. Examples of policy games played by fiscal, monetary, and debt management authorities reinforce the importance of policy separation and coordination to prevent domination by one authority over another which could lead to inconsistent policy mix.

International Coordination of Economic Policies

International Monetary Fund
International Coordination of Economic Policies Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 59 pages
File Size : 44,7 Mb
Release : 1988-06-29
Category : Business & Economics
ISBN : 9781451969825

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International Coordination of Economic Policies by International Monetary Fund Pdf

This paper discusses the scope, methods, and effects of international coordination of economic policies. In analyzing the scope for and of coordination, the paper addresses the rationale for coordination, barriers to coordination, the range and specificivity of policies to be coordinated, and the frequency of coordination. In evaluating the methods of coordination, the emphasis is on the broad issues of rules versus discretion, single-indicator versus multi-Indicator systems, and hegemonic versus symmetric systems. Finally, using the MULTIMOD global macroeconomic model, some simulations are presented of several rule-based proposals for coordination.

Currencies, Crises, Fiscal Policy, and Coordination

Paul R. Masson
Currencies Crises Fiscal Policy and Coordination Book PDF

Author : Paul R. Masson
Publisher : World Scientific
Page : 355 pages
File Size : 44,9 Mb
Release : 2011
Category : Business & Economics
ISBN : 9789814350150

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Currencies, Crises, Fiscal Policy, and Coordination by Paul R. Masson Pdf

This volume provides an integrated compilation of selected major articles published by the author in several fields of international finance. These include contributions to the understanding of currency crises and financial contagion, the evolution of exchange rate regimes, the interaction between national fiscal policies and regional monetary unions, and the effect of uncertainty on the gains from international economic policy coordination. The author spent most of his career doing research at established institutions (the Bank of Canada, OECD, and IMF), and these articles emerged from the need to understand the major economic policy issues of the day. In the book's introduction, the author discusses the motivation for these contributions and the unifying themes that emerged, while a concluding chapter provides his personal reflections and suggestions about promising avenues for further research.

Monetary Policy Coordination and the Role of Central Banks

Rakesh Mohan,Muneesh Kapur
Monetary Policy Coordination and the Role of Central Banks Book PDF

Author : Rakesh Mohan,Muneesh Kapur
Publisher : International Monetary Fund
Page : 34 pages
File Size : 43,7 Mb
Release : 2014-04-29
Category : Business & Economics
ISBN : 9781484362518

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Monetary Policy Coordination and the Role of Central Banks by Rakesh Mohan,Muneesh Kapur Pdf

The unconventional monetary policies (UMPs) pursued by the advanced economies (AEs) have posed macroeconomic challenges for the emerging market economies (EMEs) through volatile capital flows and exchange rates. AE central banks need to acknowledge and appreciate the spillovers resulting from such UMPs. Central banks of the AEs, who have set up standing mutual swap facilities, should explore similar arrangements with other significant EMEs with appropriate risk mitigation measures. These initiatives could do much to actually curb volatility in global financial markets and hence in capital flows to EMEs, thus obviating the need for defensive policy actions on the part of EMEs.

The Political Economy of Policy Coordination

Michael C. Webb
The Political Economy of Policy Coordination Book PDF

Author : Michael C. Webb
Publisher : Cornell University Press
Page : 291 pages
File Size : 50,8 Mb
Release : 2019-05-15
Category : Political Science
ISBN : 9781501745348

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The Political Economy of Policy Coordination by Michael C. Webb Pdf

Michael C. Webb explores a central question about postwar economic history: how has the growth of international markets affected the coordination of economic policy among nations? His analysis overturns the popular assumption that policy coordination has eroded as American hegemony has receded. Instead, he argues that the growing mobility of capital forced governments to abandon the strategies they had used in the 1950s and 60s to insulate monetary and fiscal policies from international influences, and to move toward more direct coordination of central economic strategies. Webb shows that since 1945 there has been a crucial shift in the pattern of international collaboration. He focuses on three types of adjustment policy: trade and capital controls, balance-of-payment lending and intervention in foreign-exchange markets, and monetary and fiscal policies. Noting that the first two types are no longer effective, he demonstrates that governments now rely more on monetary and fiscal policy coordination to regulate the global economy. As the expansion of international finance created greater turbulence in the global economy in the 1980s, the liberal system of international trade threatened to collapse. Webb examines in particular how the United States, Japan, and Germany took unprecedented steps to coordinate monetary and fiscal policies in the late 1980s and early 1990s, although domestic political obstacles—not any decline in U.S. power—limited the impact of this policy coordination. He concludes by assessing the effectiveness of these attempts to reconcile the goal of a stronger liberal system of economic exchange with the desire to maintain national autonomy.

Dynamic Modeling of Monetary and Fiscal Cooperation Among Nations

Joseph E.J.K Plasmans,Jacob Engwerda,Bas van Aarle,Giovanni di Bartolomeo,Tomasz Michalak
Dynamic Modeling of Monetary and Fiscal Cooperation Among Nations Book PDF

Author : Joseph E.J.K Plasmans,Jacob Engwerda,Bas van Aarle,Giovanni di Bartolomeo,Tomasz Michalak
Publisher : Springer Science & Business Media
Page : 324 pages
File Size : 44,7 Mb
Release : 2006-04-25
Category : Business & Economics
ISBN : 9780387279312

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Dynamic Modeling of Monetary and Fiscal Cooperation Among Nations by Joseph E.J.K Plasmans,Jacob Engwerda,Bas van Aarle,Giovanni di Bartolomeo,Tomasz Michalak Pdf

Dynamic Modeling of Monetary and Fiscal Cooperation Among Nations analyzes coordination of monetary and fiscal stabilization policies between countries and currency areas using a dynamic game approach. The first four chapters introduce the reader to the dynamics of fiscal and monetary policy cooperation. Issues covered include: fiscal coordination, fiscal stringency requirements, structural and bargaining power asymmetries and the design of monetary and fiscal policymaking in a monetary union. In the four last chapters multiple-player settings with aspects of fiscal and/or monetary coordination are analyzed using the endogenous coalition formation approach. The analysis is focused on shock and model asymmetries and issues of multi-country coordination in the presence of (possibly many) monetary unions.

Fiscal Policy, Economic Adjustment, and Financial Markets

Mr.Mario Monti
Fiscal Policy Economic Adjustment and Financial Markets Book PDF

Author : Mr.Mario Monti
Publisher : International Monetary Fund
Page : 300 pages
File Size : 46,6 Mb
Release : 1989-06-15
Category : Business & Economics
ISBN : 1557751188

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Fiscal Policy, Economic Adjustment, and Financial Markets by Mr.Mario Monti Pdf

Edited by Mario Monti, this volume contains the proceedings of a seminar that was held in Milan at the Centre for Financial and Monetary Economics, Universitá Luigi Bocconi. Participants included government officials, academicians, and economists; they provide a many-faceted view of fiscal policy at the domestic level and in the broader context of international policy coordination.