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International Economic Policy Coordination (Hardcover, 2005 ed.)
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International Economic Policy Coordination (Hardcover, 2005 ed.)
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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.
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