International Economic Policy Coordination / Edition 1

International Economic Policy Coordination / Edition 1

by Michael Carlberg
     
 

ISBN-10: 354024445X

ISBN-13: 9783540244455

Pub. Date: 04/19/2005

Publisher: Springer Berlin Heidelberg

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…  See more details below

Overview

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 effect 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.

Product Details

ISBN-13:
9783540244455
Publisher:
Springer Berlin Heidelberg
Publication date:
04/19/2005
Edition description:
2005
Pages:
312
Product dimensions:
6.10(w) x 9.25(h) x 0.03(d)

Table of Contents

Pt. 1The world of two monetary regions : basic models9
Ch. 1Monetary competition between Europe and America11
Ch. 2Monetary cooperation between Europe and America31
Ch. 3Fiscal competition between Europe and America41
Ch. 4Fiscal cooperation between Europe and America54
Ch. 5The anticipation of policy spillovers59
Pt. 2The world of two monetary regions : intermediate models65
Ch. 1Zero capital mobility67
Ch. 2Imperfect capital mobility71
Ch. 3High capital mobility101
Ch. 4Gradualist policies108
Pt. 3The world of two monetary regions : advanced models123
Ch. 1The regions differ in policy multipliers125
Ch. 2The regions differ in size133
Ch. 3Competition between the European labour union and the American labour union141
Ch. 4Cooperation between the European labour union and the American labour union151
Ch. 5Inflation in Europe and America157
Pt. 4The world of three monetary regions163
Ch. 1Monetary competition between Europe, America and Asia165
Ch. 2Monetary cooperation between Europe, America and Asia173
Ch. 3Fiscal competition : perfect capital mobility177
Ch. 4Fiscal competition : imperfect capital mobility183
Ch. 5Fiscal competition : gradualist policies191
Ch. 6Fiscal cooperation : perfect capital mobility195
Ch. 7Fiscal cooperation : imperfect capital mobility197
Pt. 5The World of N monetary regions203
Ch. 1The world of four monetary regions205
Ch. 2The world of ten monetary regions212
Ch. 3Synopsis215
Pt. 6Rational policy expectations219
Ch. 1Rational policy expectations in Europe and America221
Ch. 2Adaptive policy expectations in Europe and America235
Ch. 3Adaptive policy expectations in Europe, rational policy expectations in America239

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