International Economic Policy Coordination - Michael Carlberg

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International Economic Policy Coordination (eBook)

Michael Carlberg (Autor)

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2005 | 2005
XVI, 312 Seiten
Springer Berlin (Verlag)
978-3-540-27318-9 (ISBN)

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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.

Preface 5
Executive Summary 7
Contents in Brief 9
Contents 11
Introduction 17
Part One The World of Two Monetary Regions. Basic Models 25
Chapter 1 Monetary Competition between Europe and America 26
Chapter 2 Monetary Cooperation between Europe and America 46
Chapter 3 Fiscal Competition between Europe and America 56
Chapter 4 Fiscal Cooperation between Europe and America 69
Chapter 5 The Anticipation of Policy Spillovers 74
Part Two The World of Two Monetary Regions. Intermediate Models 80
Chapter 1 Zero Capital Mobility 81
Chapter 2 Imperfect Capital Mobility 85
Chapter 3 High Capital Mobility 115
Chapter 4 Gradualist Policies 122
Part Three The World of Two Monetary Regions. Advanced Models 137
Chapter 1 The Regions Differ in Policy Multipliers 138
Chapter 2 The Regions Differ in Size 146
Chapter 3 Competition between the European Labour Union and the American Labour Union 154
Chapter 4 Cooperation between the European Labour Union and the American Labour Union 164
Chapter 5 Inflation in Europe and America 170
Part Four The World of Three Monetary Regions 176
Chapter 1 Monetary Competition between Europe, America and Asia 177
Chapter 2 Monetary Cooperation between Europe, America and Asia 185
Chapter 3 Fiscal Competition: Perfect Capital Mobility 189
Chapter 4 Fiscal Competition: Imperfect Capital Mobility 195
Chapter 5 Fiscal Competition: Gradualist Policies 203
Chapter 6 Fiscal Cooperation: Perfect Capital Mobility 207
Chapter 7 Fiscal Cooperation: Imperfect Capital Mobility 209
Part Five The World of N Monetary Regions 215
Chapter 1 The World of Four Monetary Regions 216
Chapter 2 The World of Ten Monetary Regions 223
Chapter 3 Synopsis 226
Part Six Rational Policy Expectations 229
Chapter 1 Rational Policy Expectations in Europe and America 230
Chapter 2 Adaptive Policy Expectations in Europe and America 244
Chapter 3 Adaptive Policy Expectations in Europe, Rational Policy Expectations in America 248
Synopsis 261
Conclusion 264
Result 291
The Current Research Project 301
References 303
Index 315

Erscheint lt. Verlag	15.8.2005
Zusatzinfo	XVI, 312 p.
Verlagsort	Berlin
Sprache	englisch
Themenwelt	Wirtschaft ► Betriebswirtschaft / Management ► Unternehmensführung / Management
Themenwelt	Wirtschaft ► Volkswirtschaftslehre
Schlagworte	European Monetary Union • Fiscal Policy • Inflation • International Economic Policy • International Policy Coordination • monetary policy • Wage Policy
ISBN-10	3-540-27318-2 / 3540273182
ISBN-13	978-3-540-27318-9 / 9783540273189

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