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This book is based on an international conference organised by the
Applied Econo- metric Association (AEA) on International
Macroeconomic Modelling which was held in Brussels at the
Commission of the European Communities in December 1983. On behalf
of the Applied Econometric Association, we would like to extend our
thanks to all participants and contributors. This conference would
not have been possible without the cooperation and support of the
Commission of the European Economic Communities and of its
Directorate General for Economics and Financial Affairs (DGII)
staff, in particular M. Emerson, A. Dramais, and also H. Serbat of
the Paris Chamber of Commerce and Industry. Our thanks go also to
J.P. Ancot for his constructive comments concerning the structure
of this book. We are grateful to M. Russo, R. Maldague and Y. Ullmo
for opening the con- ference with their stimulating review and
comments on the use of international macroeconomic models; and to
R. Bird, A.M. Costa, A. Crockett, H. Guitton, J.C. Milleron, J.
Paelinck, J. Waelbroeck for chairing the scientific sessions. P.
Artus F. Gagey O. Guvenen vi INTRODUCTION The main focus of this
book is to present recent developments in the construction and use
of international macroeconometric models. Four main aspects are
selected: (i) analysis of trade linkages and exchange rate
determination; (ii) modelling and simulating the international
economy; (iii) international policy coordination; (iv) the use of
international macroeconomic models.
Patrick Artus and Yves Barroux The Applied Econometric Association
organised an international conference on "Monetary and Financial
Models" in Geneva in January 1987. The purpose of this book is to
make available to the public a choice of the papers that were
presented at the conference. The selected papers all deal with the
setting of monetary targets and the effects of monetary policy on
the economy as well as with the analysis of the financial
behaviours of economic agents. Other papers presented at the same
conference but dealing with the external aspects of monetary policy
(exchange rate policy, international coordination of economic
policies, international transmission of business cycles, . . . )
are the matter of a distinct publication. The papers put together
to make up this book either are theoretical research contributions
or consist of applied statistical or econometric work. It seemed to
be more logical to start with the more theoretical papers. The
topics tackled in the first two parts of the book have in common
the fact that they appeared just recently in the field of economic
research and deal with the analysis of the behaviour of Central
Banks. They analyse this behaviour so as to be able to exhibit its
major determinants as well as revealed preferences of Central
Banks: this topic comes under the caption "optimal monetary policy
and reaction function of the monetary authorities."
Patrick Artus and Yves Barroux The Applied Econometric Association
organised an international conference on "Monetary and Financial
Models" in Geneva in January 1987. The purpose of this book is to
make available to the public a choice of the papers that were
presented at the conference. The selected papers all deal with the
setting of monetary targets and the effects of monetary policy on
the economy as well as with the analysis of the financial
behaviours of economic agents. Other papers presented at the same
conference but dealing with the external aspects of monetary policy
(exchange rate policy, international coordination of economic
policies, international transmission of business cycles, . . . )
are the matter of a distinct publication. The papers put together
to make up this book either are theoretical research contributions
or consist of applied statistical or econometric work. It seemed to
be more logical to start with the more theoretical papers. The
topics tackled in the first two parts of the book have in common
the fact that they appeared just recently in the field of economic
research and deal with the analysis of the behaviour of Central
Banks. They analyse this behaviour so as to be able to exhibit its
major determinants as well as revealed preferences of Central
Banks: this topic comes under the caption "optimal monetary policy
and reaction function of the monetary authorities."
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