Download or read book International Coordination in the Design of Macroeconomic Policy Rules written by John B. Taylor and published by . This book was released on 1984 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper examines international issues that arise in the design and evaluation of macroeconomic policy rules. It begins with a theoretical investigation of the effects of fiscal and monetary policy in a two-country rational expectations model with staggered wage and price setting and with perfect capital mobility. The results indicate that with the appropriate choice of policies and with flexible exchange rates, demand shocks need not give rise to international externalities or coordination issues. Price shocks, however, do create an externality, and this is the focus of the empirical part of the paper. Using a simple 7 country model -- consisting of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States -- optimal cooperative and non-cooperative (Nash) policy rules to minimize the variance of output and inflation in each country are calculated. The cooperative policies are computed using standard dynamic stochastic programming techniques and the non-cooperative policies are computed using an algorithm developed by Finn Kydland. The central result is that the cooperative policy rules for these countries are more accommodative to inflation than the non-cooperative policy rules

Download or read book Rules Reputation and Macroeconomic Policy Coordination written by David A. Currie and published by Cambridge University Press. This book was released on 1993-08-12 with total page 441 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Macroeconomic Policies in an Interdependent World written by Mr.Paul R. Masson and published by International Monetary Fund. This book was released on 1989-06-15 with total page 438 pages. Available in PDF, EPUB and Kindle. Book excerpt: Copublished with the Brookings Institution, Washington D.C. and the Centre for Economic Policy Research, London, and edited by Ralph Bryant, David Currie, Jacob A. Frenkel, Paul Masson, and Richard Portes, this volume considers economic interdependence among well developed countries as well as between them and the developing regions of the world.

Download or read book International Policy Coordination in a World with Model Uncertainty written by Atish R. Ghosh and published by . This book was released on 2006 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper considers the design and desirability of rules for the international coordination of macroeconomic policies in a world characterized by model uncertainty. It is argued that the presence of model uncertainty, far from rendering cooperation unattractive, may actually provide a compelling incentive to coordinate policies, provided policymakers recognize that they cannot know the true model. In order to quantify the benefits from coordination, confidence regions are specified for the parameters in MINIMOD; it is assumed that policymakers in the United States and the rest of the world use these ranges as their subjective probability priors. It is shown that the expected value of gains from coordination of policies may be large, despite substantial uncertainty about the parameters.

Download or read book International Macroeconomic Policy Coordination written by Group of Thirty and published by . This book was released on 1988 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book International Coordination of Macroeconomic Policies a Review written by Devereux, Michael and published by . This book was released on 1987 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Macroeconomic Policies in the World Economy written by Horst Siebert and published by Springer Science & Business Media. This book was released on 2004-08-02 with total page 364 pages. Available in PDF, EPUB and Kindle. Book excerpt: The integration of goods and financial markets has progressed on a global scale in recent years. Thus, the cyclical patterns in the world economy may have changed too. Against this background, experts in international economics analyze the synchronization of business cycles and their volatility in this book. Is there an European business cycle? What is the role of multinational corporations and monetary policy in transmitting business cycles? Further, they discuss the need and feasibility of internationally coordinating monetary and exchange rate policies and the quantitative effects of tax competition.

Download or read book International Policy Coordination and Exchange Rate Fluctuations written by William H. Branson and published by University of Chicago Press. This book was released on 2007-12-01 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book International Economic Policy Coordination written by Centre for Economic Policy Research (Great Britain) and published by CUP Archive. This book was released on 1985 with total page 408 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume presents some of the best current research on international economic policy coordination.

Download or read book International Dimensions of Monetary Policy written by Jordi Galí and published by University of Chicago Press. This book was released on 2010-03-15 with total page 663 pages. Available in PDF, EPUB and Kindle. Book excerpt: United States monetary policy has traditionally been modeled under the assumption that the domestic economy is immune to international factors and exogenous shocks. Such an assumption is increasingly unrealistic in the age of integrated capital markets, tightened links between national economies, and reduced trading costs. International Dimensions of Monetary Policy brings together fresh research to address the repercussions of the continuing evolution toward globalization for the conduct of monetary policy. In this comprehensive book, the authors examine the real and potential effects of increased openness and exposure to international economic dynamics from a variety of perspectives. Their findings reveal that central banks continue to influence decisively domestic economic outcomes—even inflation—suggesting that international factors may have a limited role in national performance. International Dimensions of Monetary Policy will lead the way in analyzing monetary policy measures in complex economies.

Download or read book An Open Economy Macroeconomics Reader written by Mehmet Ugur and published by Psychology Press. This book was released on 2002 with total page 572 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book draws together the seminal contributions to the literature on the nature of macroeconomics in open economies and illuminates the material. This is an essential guide to the subject for students.

Download or read book International Coordination of Macroeconomic Adjustment Policies 1945 1989 written by Michael C. Webb and published by . This book was released on 1990 with total page 472 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book International Coordination of Economic Policies written by Jacob A. Frenkel and published by . This book was released on 2006 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Global Macroeconomics written by Ralph C. Bryant and published by Palgrave Macmillan. This book was released on 1987 with total page 347 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book International Policy Coordination in Dynamic Macroeconomic Models written by Gilles Oudiz and published by . This book was released on 1984 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent analyses of the gains to policy coordination have focussed on the strategic aspects of macroeconomic policy making in a static setting. A major theme is that noncooperative policy making is likely to be Pareto inefficient because of the presence of beggar-thy-neighbor policies. This paper extends the analysis to a dynamic setting, thereby introducing three important points of realism to the static game. First, the payoffs to beggar-thy-neighbor policies look very different in one-period and multiperiod games, and thus so do the gains to coordination. Second, we show that policy coordination may reduce economic welfare if governments are nyopic in their policy making, as is sometimes claimed. Third, governments act under a fundamental constraint that they cannot bind the actions of later governments, and we investigate how this constraint alters the gains to policy coordination.

Download or read book Macroeconomic Theory and Stabilisation Policy written by Andrew A. Stevenson and published by Rl Innactive Titles. This book was released on 1988 with total page 424 pages. Available in PDF, EPUB and Kindle. Book excerpt: The role and conduct of macroeconomic policy is examined in the light of recent developments in theory. The first Chapter of the book is concerned with the debate about the nature and causes of unemployment and inflation. The second section investigates the theory of monetary and fiscal policy in closed and open economics. The final chapter contains a full analysis of macroeconomic interdependence and policy coordination. For advanced undergraduate and postgraduate students of macroeconomic theory and policy. Contents: Introduction: The Theory of Aggregate Demand; Classical Versus Keynesian Economics: The Debate on Underemployment Equilibrium; Aggregate Supply: Monetarism and New Classical Macroeconomics; Aggregate Supply and Stabilization Policies: The Keynesian Perspective; Money, Financial Markets, and Aggregate Demand; Fiscal Policy and Aggregate Demand; Macroeconomic Policy and the Balance of Payments; Macroeconomic Policy and the Exchange Rate; The Design of Macroeconomic Policy; International Interdependence and Policy Coordination; Bibliography; Author Index; Subject Index.

Download or read book Rules Reputation and Macroeconomic Policy Coordination written by David Currie and published by . This book was released on 1993 with total page 430 pages. Available in PDF, EPUB and Kindle. Book excerpt: