International Economic Policy Coordination / Edition 1

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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.
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Product Details

  • ISBN-13: 9783540244455
  • Publisher: Springer Berlin Heidelberg
  • Publication date: 4/19/2005
  • Edition description: 2005
  • Edition number: 1
  • Pages: 312
  • Product dimensions: 9.21 (w) x 6.14 (h) x 0.75 (d)

Table of Contents

Pt. 1 The world of two monetary regions : basic models 9
Ch. 1 Monetary competition between Europe and America 11
Ch. 2 Monetary cooperation between Europe and America 31
Ch. 3 Fiscal competition between Europe and America 41
Ch. 4 Fiscal cooperation between Europe and America 54
Ch. 5 The anticipation of policy spillovers 59
Pt. 2 The world of two monetary regions : intermediate models 65
Ch. 1 Zero capital mobility 67
Ch. 2 Imperfect capital mobility 71
Ch. 3 High capital mobility 101
Ch. 4 Gradualist policies 108
Pt. 3 The world of two monetary regions : advanced models 123
Ch. 1 The regions differ in policy multipliers 125
Ch. 2 The regions differ in size 133
Ch. 3 Competition between the European labour union and the American labour union 141
Ch. 4 Cooperation between the European labour union and the American labour union 151
Ch. 5 Inflation in Europe and America 157
Pt. 4 The world of three monetary regions 163
Ch. 1 Monetary competition between Europe, America and Asia 165
Ch. 2 Monetary cooperation between Europe, America and Asia 173
Ch. 3 Fiscal competition : perfect capital mobility 177
Ch. 4 Fiscal competition : imperfect capital mobility 183
Ch. 5 Fiscal competition : gradualist policies 191
Ch. 6 Fiscal cooperation : perfect capital mobility 195
Ch. 7 Fiscal cooperation : imperfect capital mobility 197
Pt. 5 The World of N monetary regions 203
Ch. 1 The world of four monetary regions 205
Ch. 2 The world of ten monetary regions 212
Ch. 3 Synopsis 215
Pt. 6 Rational policy expectations 219
Ch. 1 Rational policy expectations in Europe and America 221
Ch. 2 Adaptive policy expectations in Europe and America 235
Ch. 3 Adaptive policy expectations in Europe, rational policy expectations in America 239
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