This book studies the international coordination of monetary and fiscal policies in the world ecomy. 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 ecomy 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 Ecomic Association in Lisbon. Other parts were presented at the International Institute of Public Finance, at the Macro Study Group of the German Ecomic Association, at the Annual Meeting of the Austrian Ecomic Association, at the Gottingen Workshop on International Ecomics, at the Halle Workshop on Monetary Ecomics, at the Research Seminar on Macroecomics in Freiburg, and at the Passau Workshop on International Ecomics.
Springer-Verlag Berlin and Heidelberg GmbH & Co. KG
Date of Publication
Economics: Professional & General
Place of Publication
Country of Publication
Springer-Verlag Berlin and Heidelberg GmbH & Co. K