Monetary and Fiscal Policies in the Euro-Area / Edition 1

Monetary and Fiscal Policies in the Euro-Area / Edition 1

by Willi Semmler, A. Greiner, W. Zhang
     
 

ISBN-10: 0444518908

ISBN-13: 9780444518903

Pub. Date: 06/01/2005

Publisher: Emerald Group Publishing

The emergence of a new macro economy in Euro-Asia is a great challenge for academics and policy makers alike. Our book focuses on this macro economy and the monetary and fiscal policy responses. As the new environment has evolved over time, private behaviour as well as policy responses have changed. Policy makers as well as private agents had to learn the new…  See more details below

Overview

The emergence of a new macro economy in Euro-Asia is a great challenge for academics and policy makers alike. Our book focuses on this macro economy and the monetary and fiscal policy responses. As the new environment has evolved over time, private behaviour as well as policy responses have changed. Policy makers as well as private agents had to learn the new environment. In our book we thus put heavy emphasis on uncertainty and learning. The first part of the book explores monetary policies allowing for uncertainty and time-varying behaviour of economic agents in markets, in particular in the labour market and the monetary policy responses to it. We study both forward and backward looking behaviour, learning and robust control as well as the role of financial markets for policies. The second part explores fiscal policy in the Euro-area, its sustainability, its effects on economic growth and the attempts of the Euro-area to stabilize the public debt. The third part explores monetary and fiscal policy interactions in the Euro-area countries. Since there are many national fiscal authorities but only one monetary authority this is a particularly challenging problem of Euro-area countries. Methodologically, we use modern methods such as advanced econometric methodology, learning models that allows to study time varying behaviour, and dynamic macro modelling and dynamic optimization.

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Product Details

ISBN-13:
9780444518903
Publisher:
Emerald Group Publishing
Publication date:
06/01/2005
Pages:
372
Product dimensions:
6.14(w) x 9.21(h) x 0.88(d)

Table of Contents

Ch. 1Introduction1
Ch. 2Empirical evidence of the IS and Phillips curves11
Ch. 3Time-varying Phillips curve31
Ch. 4Time-varying monetary policy reaction function55
Ch. 5Euro-area monetary policy effects using US monetary policy rules95
Ch. 6Optimal monetary policy and adaptive learning111
Ch. 7Time-varying optimal monetary policy149
Ch. 8Asset price volatility and monetary policy175
Ch. 9Fiscal policy and economic growth209
Ch. 10Testing sustainability of fiscal policies249
Ch. 11Stabilization of public debt and macroeconomic performance281
Ch. 12Monetary and fiscal policy interactions in the Euro-area299
Ch. 13Time-varying monetary and fiscal policy interactions319

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