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International Economic Policy Coordination
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.
The World of Two Monetary Regions: Basic Models -- Monetary Competition between Europe and America -- Monetary Cooperation between Europe and America -- Fiscal Competition between Europe and America -- Fiscal Cooperation between Europe and America -- The Anticipation of Policy Spillovers -- The World of Two Monetary Regions: Intermediate Models -- Zero Capital Mobility -- Imperfect Capital Mobility -- High Capital Mobility -- Gradualist Policies -- The World of Two Monetary Regions: Advanced Models -- The Regions Differ in Policy Multipliers -- The Regions Differ in Size -- Competition between the European Labour Union and the American Labour Union -- Cooperation between the European Labour Union and the American Labour Union -- Inflation in Europe and America -- The World of Three Monetary Regions -- Monetary Competition between Europe, America and Asia -- Monetary Cooperation between Europe, America and Asia -- Fiscal Competition: Perfect Capital Mobility -- Fiscal Competition: Imperfect Capital Mobility -- Fiscal Competition: Gradualist Policies -- Fiscal Cooperation: Perfect Capital Mobility -- Fiscal Cooperation: Imperfect Capital Mobility -- The World of N Monetary Regions -- The World of Four Monetary Regions -- The World of Ten Monetary Regions -- Synopsis -- Rational Policy Expectations -- Rational Policy Expectations in Europe and America -- Adaptive Policy Expectations in Europe and America -- Adaptive Policy Expectations in Europe, Rational Policy Expectations in America.
Macroeconomics/Monetary Economics//Financial Economics