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Monetary and Fiscal Policies in the Euro Area / Edition 1

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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.

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Product Details

  • ISBN-13: 9783540297994
  • Publisher: Springer Berlin Heidelberg
  • Publication date: 1/13/2006
  • Edition description: 2006
  • Edition number: 1
  • Pages: 291
  • Product dimensions: 6.14 (w) x 9.21 (h) x 0.81 (d)

Table of Contents

Introduction 1
1 Subject and approach 1
2 Monetary competition between Europe and America 2
3 Monetary cooperation between Europe and America 5
4 Fiscal competition between Germany and France 5
5 Fiscal cooperation between Germany and France 7
6 Monetary and fiscal competition 8
7 Monetary and fiscal cooperation 9
Pt. 1 Basic models of a monetary union 11
Ch. 1 The small monetary union of two countries 13
Ch. 2 The world as a whole 20
Ch. 3 The world of two monetary regions 24
Ch. 4 The large monetary union of two countries 33
Pt. 2 Monetary interactions between Europe and America 43
Ch. 1 Monetary competition between Europe and America 45
Ch. 2 Monetary cooperation between Europe and America 71
Pt. 3 Fiscal interactions between Germany and France 83
Ch. 1 Fiscal competition between Germany and France 85
Ch. 2 Fiscal cooperation between Germany and France 99
Pt. 4 Monetary and fiscal interactions : intermediate models 105
Ch. 1 Competition between European Central Bank, German government, and French government 107
Ch. 2 Cooperation between European Central Bank, German government, and French government 120
Ch. 3 Competition between European Central Bank, American Central Bank, German government, and French government 127
Ch. 4 Cooperation between European Central Bank, American Central Bank, German government, and French government 137
Pt. 5 Monetary and fiscal interactions : advanced models 147
Ch. 1 Cold-turkey policies : simultaneous decisions 149
Ch. 2 Gradualist policies : simultaneous decisions 155
Ch. 3 Fast monetary competition and slow fiscal competition 161
Ch. 4 Monetary cooperation between Europe and America, fiscal competition between Germany and France 165
Ch. 5 Monetary cooperation between Europe and America, fiscal cooperation between Germany and France 175
Ch. 6 Policy cooperation within Europe, policy competition between Europe and America 184
Pt. 6 Rational policy expectations 191
Ch. 1 Monetary competition between Europe and America 193
Ch. 2 Fiscal competition between Germany and France 198
Ch. 3 Monetary and fiscal competition : sequential decisions 203
Ch. 4 Monetary and fiscal competition : simultaneous decisions 212
Ch. 5 Monetary cooperation between Europe and America, fiscal competition between Germany and France 214
Ch. 6 Policy cooperation within Europe, policy competition between Europe and America 219
Conclusion 231
1 Monetary competition between Europe and America 231
2 Monetary cooperation between Europe and America 236
3 Fiscal competition between Germany and France 238
4 Fiscal cooperation between Germany and France 241
5 Monetary and fiscal competition : cold-turkey policies 243
6 Monetary and fiscal competition : gradualist policies 247
7 Monetary and fiscal cooperation 248
8 Monetary cooperation and fiscal competition 250
9 Monetary cooperation and fiscal cooperation 253
10 Rational policy expectations 256
Result 259
1 Monetary competition between Europe and America 259
2 Monetary cooperation between Europe and America 261
3 Fiscal competition between Germany and France 262
4 Fiscal cooperation between Germany and France 263
5 Monetary and fiscal competition 264
6 Monetary and fiscal cooperation 266
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