Monetary and Fiscal Strategies in the World Economy - Michael Carlberg

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Monetary and Fiscal Strategies in the World Economy (eBook)

Michael Carlberg (Autor)

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2010 | 2010
XII, 306 Seiten
Springer Berlin (Verlag)
978-3-642-10476-3 (ISBN)

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This book studies the strategic interactions between monetary and fiscal policies in the world economy. The world economy consists of two regions, say Europe and America. The policy makers are the central banks and the governments. The policy targets are low inflation, low unemployment, and low structural deficits. There are demand shocks, supply shocks, and mixed shocks. There are regional shocks and common shocks. This book develops a series of basic, intermediate, and more advanced models. Here the focus is on the Nash equilibrium. The key questions are: Given a shock, can policy interactions reduce the existing loss? And to what extent can they do so? Another topical issue is policy cooperation. To illustrate all of this there are a lot of numerical examples. The present book is part of a larger research project on European Monetary Union, see the references given at the back of the book. Some parts of this project were presented at the World Congress of the International Economic Association, at the International Conference on Macroeconomic Analysis, at the International Institute of Public Finance, and at the International Atlantic Economic Conference. Other parts were presented at the Macro Study Group of the German Economic Association, at the Annual Meeting of the Austrian Economic Association, at the Göttingen Workshop on International Economics, at the Halle Workshop on Monetary Economics, at the Research Seminar on Macroeconomics in Freiburg, at the Research Seminar on Economics in Kassel, and at the Passau Workshop on International Economics.

Preface 5
Executive Summary 7
Contents in Brief 9
Contents 10
Introduction 12
1. Subject and Approach 12
2. Monetary Policies in Europe and America 15
2.1. Monetary Interaction between Europe and America 15
2.2. Monetary Cooperation between Europe and America 16
3. Fiscal Policies in Europe and America 17
3.1. Fiscal Interaction between Europe and America 17
3.2. Fiscal Cooperation between Europe and America 18
4. Monetary and Fiscal Policies in Europe and America 19
4.1. Monetary and Fiscal Interaction between Europe and America 19
4.2. Monetary and Fiscal Cooperation between Europe and America 21
Part One 22
Chapter 1 Monetary Policy 23
1. The Model 23
2. Some Numerical Examples 25
Chapter 2 Fiscal Policy 28
1. The Model 28
2. Some Numerical Examples 30
Chapter 3 Monetary and Fiscal Interaction 33
Chapter 4 Monetary and Fiscal Cooperation 35
1. The Model 35
2. Some Numerical Examples 38
Part Two 42
Chapter 1 Fiscal Policy 43
1. The Model 43
2. Some Numerical Examples 46
Chapter 2 Monetary and Fiscal Interaction 49
1. The Model 49
2. Some Numerical Examples 52
Chapter 3 Monetary and Fiscal Cooperation 55
1. The Model 55
2. Some Numerical Examples 57
Part Three 60
Chapter 1 Monetary Interaction between Europe and America: Case A 61
1. The Model 61
2. Some Numerical Examples 65
Chapter 2 Monetary Interaction between Europe and America: Case B 74
1. The Model 74
2. Some Numerical Examples 77
Chapter 3 Monetary Interaction between Europe and America: Case C 89
1. The Model 89
2. Some Numerical Examples 92
Chapter 4 Monetary Cooperation between Europe and America: Case A 98
Chapter 5 Monetary Cooperation between Europe and America: Case B 100
Chapter 6 Monetary Cooperation between Europe and America: Case C 102
Part Four 104
Chapter 1 Fiscal Interaction between Europe and America 105
1. The Model 105
2. Some Numerical Examples 108
Chapter 2 Fiscal Cooperation between Europe and America 117
Part Five 119
Chapter 1 Fiscal Interaction between Europe and America 120
1. The Model 120
2. Some Numerical Examples 125
Chapter 2 Fiscal Cooperation between Europe and America 135
1. The Model 135
2. Some Numerical Examples 137
Part Six 141
Chapter 1 Monetary and Fiscal Interaction between Europe and America 142
Chapter 2 Monetary and Fiscal Cooperation between Europe and America 151
1. The Model 151
2. Some Numerical Examples 153
Part Seven 166
Chapter 1 Monetary and Fiscal Interaction between Europe and America: Case A 167
1. The Model 167
2. Some Numerical Examples 173
Chapter 2 Monetary and Fiscal Interaction between Europe and America: Case B 185
1. The Model 185
2. Some Numerical Examples 189
Chapter 3 Monetary and Fiscal Interaction between Europe and America: Case C 204
1. The Model 204
2. Some Numerical Examples 208
Chapter 4 Monetary and Fiscal Cooperation between Europe and America 217
1. The Model 217
2. Some Numerical Examples 220
Chapter 5 Cooperation within Regions, Interaction between Regions 233
Synopsis 237
Conclusion 239
1. Monetary Policies in Europe and America 239
1.1. Monetary Interaction between Europe and America: Case A 239
1.2. Monetary Interaction between Europe and America: Case B 242
1.3. Monetary Cooperation between Europe and America: Case A 244
1.3. Monetary Cooperation between Europe and America: Case B 245
2. Fiscal Policies in Europe and America: Absence of a Deficit Target 246
2.1. Fiscal Interaction between Europe and America 246
2.2 Fiscal Cooperation between Europe and America 249
3. Fiscal Policies in Europe and America: Presence of a Deficit Target 250
3.1. Fiscal Interaction between Europe and America 250
3.2. Fiscal Cooperation between Europe and America 253
4. Monetary and Fiscal Policies in Europe and America: Absence of a Deficit Target 255
4.1. Monetary and Fiscal Interaction between Europe and America 255
4.2. Monetary and Fiscal Cooperation between Europe and America 258
5. Monetary and Fiscal Policies in Europe and America: Presence of a Deficit Target 262
5.1. Monetary and Fiscal Interaction between Europe and America: Case A 262
5.2. Monetary and Fiscal Interaction between Europe and America: Case B 268
5.3. Monetary and Fiscal Cooperation between Europe and America 272
Result 276
1. Monetary Policies in Europe and America 276
1.1. Monetary Interaction between Europe and America 276
1.2. Monetary Cooperation between Europe and America 277
2. Monetary and Fiscal Policies in Europe and America 278
2.1. Monetary and Fiscal Interaction between Europe and America 278
2.2. Monetary and Fiscal Cooperation between Europe and America 280
Symbols 281
The Current Research Project 283
References 287
Index 299

Erscheint lt. Verlag	5.1.2010
Zusatzinfo	XII, 306 p.
Verlagsort	Berlin
Sprache	englisch
Themenwelt	Sozialwissenschaften ► Politik / Verwaltung
	Wirtschaft ► Betriebswirtschaft / Management ► Unternehmensführung / Management
	Wirtschaft ► Volkswirtschaftslehre
Schlagworte	Inflation • International Economy • Monetary and Fiscal Policies • Policy Cooperation • Strategic Interactions • Unemployment
ISBN-10	3-642-10476-2 / 3642104762
ISBN-13	978-3-642-10476-3 / 9783642104763

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