Monetary and Fiscal Policies in the Euro Area / Edition 1

Monetary and Fiscal Policies in the Euro Area / Edition 1

by Michael Carlberg, M. Carlberg
     
 

This book studies the interactions between monetary and fiscal policies in the euro area. 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 European central bank, the American central bank, the German government, and the French government. As to policy

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Overview

This book studies the interactions between monetary and fiscal policies in the euro area. 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 European central bank, the American central bank, the German government, and the French government. As to policy cooperation, the focus is on the same institutions. These are higher-dimensional issues. The policy targets are price stability and full employment. The policy makers follow cold-turkey or gradualist strategies. The policy decisions are taken sequentially or simultaneously. Monetary and fiscal policies have spillover effects. Special features of this book are numerical simulations of policy competition and numerical solutions to policy cooperation.

Product Details

ISBN-13:
9783540297994
Publisher:
Springer Berlin Heidelberg
Publication date:
01/13/2006
Edition description:
2006
Pages:
291
Product dimensions:
6.14(w) x 9.21(h) x 0.81(d)

Meet the Author

Table of Contents

Introduction1
1Subject and approach1
2Monetary competition between Europe and America2
3Monetary cooperation between Europe and America5
4Fiscal competition between Germany and France5
5Fiscal cooperation between Germany and France7
6Monetary and fiscal competition8
7Monetary and fiscal cooperation9
Pt. 1Basic models of a monetary union11
Ch. 1The small monetary union of two countries13
Ch. 2The world as a whole20
Ch. 3The world of two monetary regions24
Ch. 4The large monetary union of two countries33
Pt. 2Monetary interactions between Europe and America43
Ch. 1Monetary competition between Europe and America45
Ch. 2Monetary cooperation between Europe and America71
Pt. 3Fiscal interactions between Germany and France83
Ch. 1Fiscal competition between Germany and France85
Ch. 2Fiscal cooperation between Germany and France99
Pt. 4Monetary and fiscal interactions : intermediate models105
Ch. 1Competition between European Central Bank, German government, and French government107
Ch. 2Cooperation between European Central Bank, German government, and French government120
Ch. 3Competition between European Central Bank, American Central Bank, German government, and French government127
Ch. 4Cooperation between European Central Bank, American Central Bank, German government, and French government137
Pt. 5Monetary and fiscal interactions : advanced models147
Ch. 1Cold-turkey policies : simultaneous decisions149
Ch. 2Gradualist policies : simultaneous decisions155
Ch. 3Fast monetary competition and slow fiscal competition161
Ch. 4Monetary cooperation between Europe and America, fiscal competition between Germany and France165
Ch. 5Monetary cooperation between Europe and America, fiscal cooperation between Germany and France175
Ch. 6Policy cooperation within Europe, policy competition between Europe and America184
Pt. 6Rational policy expectations191
Ch. 1Monetary competition between Europe and America193
Ch. 2Fiscal competition between Germany and France198
Ch. 3Monetary and fiscal competition : sequential decisions203
Ch. 4Monetary and fiscal competition : simultaneous decisions212
Ch. 5Monetary cooperation between Europe and America, fiscal competition between Germany and France214
Ch. 6Policy cooperation within Europe, policy competition between Europe and America219
Conclusion231
1Monetary competition between Europe and America231
2Monetary cooperation between Europe and America236
3Fiscal competition between Germany and France238
4Fiscal cooperation between Germany and France241
5Monetary and fiscal competition : cold-turkey policies243
6Monetary and fiscal competition : gradualist policies247
7Monetary and fiscal cooperation248
8Monetary cooperation and fiscal competition250
9Monetary cooperation and fiscal cooperation253
10Rational policy expectations256
Result259
1Monetary competition between Europe and America259
2Monetary cooperation between Europe and America261
3Fiscal competition between Germany and France262
4Fiscal cooperation between Germany and France263
5Monetary and fiscal competition264
6Monetary and fiscal cooperation266

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