Economic Policy Coordination

Author : Michael Carlberg
Publisher : Springer Science & Business Media
Page : 336 pages
File Size : 46,5 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.

Author : William H. Branson,Jacob A. Frenkel,Morris Goldstein
Publisher : University of Chicago Press
Page : 396 pages
File Size : 41,6 Mb
Release : 2007-12-01
Category : Reference
ISBN : 9780226071381

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International Policy Coordination and Exchange Rate Fluctuations by William H. Branson,Jacob A. Frenkel,Morris Goldstein Pdf

Since the five largest industrial democracies concluded the Plaza Agreement in 1985, the theory and practice of international economic policy coordination has become the subject of spirited academic and public-policy debate. While some view policy coordination as crucial for the construction of an improved international monetary system, others fear that it risks delaying or weakening the implementation of macroeconomic and structural policies. In these papers and comments, prominent international economists consider past and present interpretations of the meaning of international policy coordination; conditions necessary for coordination to be beneficial both to the direct participants and the global economy; influential factors for the quantitative impact of coordination; obstacles to coordination; the most—and least—effective methods of coordination; and future directions of the coordination process, including processes associated with greater fixity of exchange rates. These studies will be readily accessible to policymakers, while offering sophisticated analyses to interested scholars of the global economy.

Author : David B. Timmins,William M. Timmins
Publisher : Lanham : University Press of America
Page : 144 pages
File Size : 49,7 Mb
Release : 1985
Category : International economic relations
ISBN : UCAL:B4273452

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The International Economic Policy Coordination Instrument by David B. Timmins,William M. Timmins Pdf

Author : Anonim
Publisher : Unknown
Page : 128 pages
File Size : 55,8 Mb
Release : 1988
Category : Electronic
ISBN : OCLC:916080097

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Economic Policy Coordination by Anonim Pdf

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 59 pages
File Size : 40,7 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.

Author : Centre for Economic Policy Research (Great Britain),National Bureau of Economic Research
Publisher : CUP Archive
Page : 408 pages
File Size : 46,5 Mb
Release : 1985
Category : Business & Economics
ISBN : 0521337801

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International Economic Policy Coordination by Centre for Economic Policy Research (Great Britain),National Bureau of Economic Research Pdf

This volume presents some of the best current research on international economic policy coordination.

Author : Wendy Dobson
Publisher : Washington, D.C. : Institute for International Economics
Page : 192 pages
File Size : 43,7 Mb
Release : 1991
Category : Business & Economics
ISBN : STANFORD:36105035238364

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Economic Policy Coordination by Wendy Dobson Pdf

Author : Michael C. Webb
Publisher : Cornell University Press
Page : 300 pages
File Size : 40,7 Mb
Release : 1995
Category : Business & Economics
ISBN : 0801429293

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

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.

Author : Willem H. Buiter
Publisher : Unknown
Page : 386 pages
File Size : 50,5 Mb
Release : 1985
Category : Electronic
ISBN : OCLC:1072395231

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International economic policy coordination by Willem H. Buiter Pdf

Author : Wilfried Guth
Publisher : International Monetary Fund
Page : 240 pages
File Size : 54,5 Mb
Release : 1988-12-15
Category : Business & Economics
ISBN : 1557750254

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Economic Policy Coordination by Wilfried Guth Pdf

This volume, which presents the proceedings of a seminar moderated by Wilfred Guth in Hamburg, Germany, dicusses the extent of international policy coordination, its effectiveness, and how it can be expected to work in the future.

Author : Andrew J. Hughes Hallett,Peter Mooslechner,Martin Schürz
Publisher : Springer Science & Business Media
Page : 222 pages
File Size : 45,9 Mb
Release : 2013-06-29
Category : Political Science
ISBN : 9781475747386

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Challenges for Economic Policy Coordination within European Monetary Union by Andrew J. Hughes Hallett,Peter Mooslechner,Martin Schürz Pdf

The launch of European Monetary Union (EMU) marked the beginning of a new era, and its establishment has proved an impressive success at the technical, legal, and procedural level. After all, EMU has accelerated economic and political integration in the European Union and tied the economies of the Member States closer together. However, the performance of the euro, high unemployment rates, uneven output and investment growth, and the issue of structural reforms that have yet to be tackled have raised questions about the performance of EMU in practice. There is a general consensus on the justification for economic policy coordination. The existing literature on economic policy coordination, however, seems far from able to provide robust conclusions about how to organize the necessary interaction of institutions and policies. Therefore, there seems to be a case for re-examining the subject under the new framework set by EMU. The objective of such a reassessment is to enhance the understanding of what type of coordination and what institutional setting for policy coordination can be expected to be most favorable. Challenges for Economic Policy Coordination within European Monetary Union provides an intellectually stimulating contribution to the ongoing debate.

Author : Michael Carlberg
Publisher : Springer Science & Business Media
Page : 284 pages
File Size : 51,5 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.

Author : Michael C. Webb
Publisher : Cornell University Press
Page : 291 pages
File Size : 51,9 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.

Author : David A. Currie,Paul Levine
Publisher : Cambridge University Press
Page : 441 pages
File Size : 52,7 Mb
Release : 1993-08-12
Category : Business & Economics
ISBN : 9780521441964

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Rules, Reputation and Macroeconomic Policy Coordination by David A. Currie,Paul Levine Pdf

In this book David Currie and Paul Levine address a broad range of issues concerning the design and conduct of macroeconomic policy in open economies. Adopting neo-Keynesian models for which monetary and fiscal policy have short-term real effects, they analyse active stabilisation policies in both a single- and multi-country context. Questions addressed include: the merits of simple policy rules, policy design in the face of uncertainty and international policy coordination. A central feature of the book is the treatment of credibility and the effect of a policy-maker's reputation for sticking to announced policies. These considerations are integrated with coordination issues to produce a unique synthesis. The volume develops optimal control methods and dynamic game theory to handle relationships between governments and a conscious rational private sector and produces a unified, coherent approach to the subject. This book will be of interest to students and teachers of open economy macroeconomics and to professional economists interested in using macroeconomic models to design policy.

Author : Armin Steinbach
Publisher : Routledge
Page : 238 pages
File Size : 48,5 Mb
Release : 2014-05-09
Category : Business & Economics
ISBN : 9781317689614

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Economic Policy Coordination in the Euro Area by Armin Steinbach Pdf

The European debt crisis has given new impetus to the debate on economic policy coordination. In economic literature, the need for coordination has long been denied based on the view that fiscal, wage and monetary policy actors should work independently. However, the high and persistent degree of macroeconomic disparity within the EU and the absence of an optimum currency area has led to new calls for examining policy coordination. This book adopts an institutional perspective, exploring the incentives for policymakers that result from coordination mechanisms in the fields of fiscal, monetary and wage policy. Based on the concept of externalities, the work examines cross-border spillovers (e.g. induced by fiscal policy) and cross-policy spillovers (e.g. between fiscal and monetary policies), illuminating how they have empirically changed over time and how they have been addressed by policymakers. Steinbach introduces a useful classification scheme that distinguishes between vertical and horizontal coordination as well as between cross-border and cross-policy coordination. The author discusses farther-reaching forms of fiscal coordination (e.g. debt limits, insolvency proceedings, Eurobonds) with special attention to how principals of state organization affect their viability. Federal states and Bundesstaaten differ in the incentives they offer for debt accumulation – and thus in their suitability for fiscal coordination. Steinbach finds that the originally strict separation between policy areas has undergone significant change during the debt crisis. Indeed, recent efforts to coordinate policy are no longer limited to one policy area, but now extend to several areas. Steinbach argues that further fiscal policy coordination can be effectively deployed to address policy externalities, but that the coordination mechanisms used must match the form of state organization in the first place. Regarding wage policies, there are significant barriers to coordination. Notwithstanding some empirical successes in the implementation of a productivity-oriented wage policy, the high heterogeneity of national wage-setting institutions is likely to prevent any wage coordination.