Carlberg International Economic Policy Coordination

1. Auflage 2005
ISBN: 978-3-540-27318-9
Verlag: Springer Berlin Heidelberg
Format: PDF
Kopierschutz: 1 - PDF Watermark

E-Book, Englisch, 312 Seiten

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 effects 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. The present book is part of a larger research project on European Monetary Union, see the references at the back of the book. Some parts of this project were presented at the World Congress of the International Economic Association in Lisbon. Other parts were presented at the International Institute of Public Finance, at the Macro Study Group of the German Economic Association, at the Annual Meeting of the Austrian Economic Association, at the Gottingen Workshop on International Economics, at the Halle Workshop on Monetary Economics, at the Research Seminar on Macroeconomics in Freiburg, and at the Passau Workshop on International Economics.

Autoren/Hrsg.

Carlberg, Michael

Inhaltsverzeichnis

1;Preface;5
2;Executive Summary;7
3;Contents in Brief;9
4;Contents;11
5;Introduction;17
6;Part One The World of Two Monetary Regions. Basic Models;25
6.1;Chapter 1 Monetary Competition between Europe and America;26
6.2;Chapter 2 Monetary Cooperation between Europe and America;46
6.3;Chapter 3 Fiscal Competition between Europe and America;56
6.4;Chapter 4 Fiscal Cooperation between Europe and America;69
6.5;Chapter 5 The Anticipation of Policy Spillovers;74
7;Part Two The World of Two Monetary Regions. Intermediate Models;80
7.1;Chapter 1 Zero Capital Mobility;81
7.2;Chapter 2 Imperfect Capital Mobility;85
7.3;Chapter 3 High Capital Mobility;115
7.4;Chapter 4 Gradualist Policies;122
8;Part Three The World of Two Monetary Regions. Advanced Models;137
8.1;Chapter 1 The Regions Differ in Policy Multipliers;138
8.2;Chapter 2 The Regions Differ in Size;146
8.3;Chapter 3 Competition between the European Labour Union and the American Labour Union;154
8.4;Chapter 4 Cooperation between the European Labour Union and the American Labour Union;164
8.5;Chapter 5 Inflation in Europe and America;170
9;Part Four The World of Three Monetary Regions;176
9.1;Chapter 1 Monetary Competition between Europe, America and Asia;177
9.2;Chapter 2 Monetary Cooperation between Europe, America and Asia;185
9.3;Chapter 3 Fiscal Competition: Perfect Capital Mobility;189
9.4;Chapter 4 Fiscal Competition: Imperfect Capital Mobility;195
9.5;Chapter 5 Fiscal Competition: Gradualist Policies;203
9.6;Chapter 6 Fiscal Cooperation: Perfect Capital Mobility;207
9.7;Chapter 7 Fiscal Cooperation: Imperfect Capital Mobility;209
10;Part Five The World of N Monetary Regions;215
10.1;Chapter 1 The World of Four Monetary Regions;216
10.2;Chapter 2 The World of Ten Monetary Regions;223
10.3;Chapter 3 Synopsis;226
11;Part Six Rational Policy Expectations;229
11.1;Chapter 1 Rational Policy Expectations in Europe and America;230
11.2;Chapter 2 Adaptive Policy Expectations in Europe and America;244
11.3;Chapter 3 Adaptive Policy Expectations in Europe, Rational Policy Expectations in America;248
11.4;Synopsis;261
11.5;Conclusion;264
11.6;Result;291
11.7;The Current Research Project;301
11.8;References;303
11.9;Index;315