Policy Coordination in a Monetary UnionSpringer Science & Business Media, 14 apr 2003 - 274 pagine A comprehensive study of the international coordination of economic policy in a monetary union. It carefully discusses the process of policy competition and the structure of policy cooperation. As to policy competition, the focus is on competition between the union central bank, the German government, and the French government. Similarly, as to policy cooperation, the focus is on cooperation between the union central bank, the German government, and the French government. The key questions are: Does the process of policy competition lead to full employment and price stability? Can these targets be achieved through policy cooperation? And is policy cooperation superior to policy competition? Another important issue is monetary competition / monetary cooperation between Europe and America. |
Sommario
Introduction | vii |
2 The Small Monetary Union of Two Countries | viii |
3 The World of Two Monetary Regions | xiii |
4 The Large Monetary Union of Two Countries | xvi |
5 Rational Policy Expectations | 2 |
The Small Monetary Union of Two Countries | 5 |
The Basic Model | 6 |
4 The money market of the union | 8 |
Fiscal Competition between Europe and America | 121 |
2 Some Numerical Examples | 125 |
Fiscal Cooperation between Europe and America | 133 |
2 Some Numerical Examples | 134 |
The Large Monetary Union of Two Countries | 139 |
The Basic Model | 140 |
22 The market for German goods | 141 |
23 The market for French goods | 142 |
5 The model | 9 |
7 Fiscal policy | 11 |
8 Monetary policy | 12 |
Monetary Policy in the Union | 13 |
2 Some numerical examples | 14 |
Fiscal Competition between Germany and France | 17 |
2 Some Numerical Examples | 21 |
Fiscal Cooperation between Germany and France | 29 |
2 Some Numerical Examples | 30 |
Competition between the Union Central Bank the German Government and the French Government | 34 |
2 Some Numerical Examples | 35 |
21 Unemployment in Germany and France | 36 |
22 Another interpretation | 38 |
23 Inflation in Germany and France | 39 |
Cooperation between the Union Central Bank the German Government and the French Government | 43 |
2 Some Numerical Examples | 45 |
22 Inflation in Germany and France | 46 |
Competition between the German Labour Union and the French Labour Union | 50 |
2 A Numerical Example | 56 |
Cooperation between the German Labour Union and the French Labour Union | 59 |
2 Some Numerical Examples | 61 |
Competition between the Central Bank the German Labour Union and the French Labour Union | 64 |
2 Some Numerical Examples | 65 |
Cooperation between the Central Bank the German Labour Union and the French Labour Union | 71 |
2 Some Numerical Examples | 73 |
Inflation in Germany and France | 78 |
2 Downwards Sticky Wages | 81 |
3 Cooperation between the Union Central Bank the German Government and the French Government | 84 |
The World of Two Monetary Regions | 87 |
The Basic Model | 88 |
2 The World of Two Monetary Regions | 92 |
23 The market for American goods | 93 |
24 The European money market | 94 |
26 The model | 95 |
28 Fiscal policy | 97 |
29 Monetary policy | 99 |
Monetary Competition between Europe and America | 101 |
2 Some Numerical Examples | 106 |
21 Unemployment in Europe and America | 107 |
22 Another interpretation | 108 |
23 Inflation in Europe and America | 110 |
24 Unemployment in Europe inflation in America | 112 |
Monetary Cooperation between Europe and America | 114 |
2 Some Numerical Examples | 116 |
24 The market for American goods | 143 |
25 The European money market | 144 |
28 The total differential | 145 |
29 Fiscal policy | 147 |
Fiscal Competition between Germany and France | 149 |
2 Some Numerical Examples | 154 |
Fiscal Cooperation between Germany and France | 159 |
2 Some Numerical Examples | 161 |
Competition between the European Central Bank the German Government and the French Government | 165 |
2 Some Numerical Examples | 166 |
21 Unemployment in Germany and France | 167 |
22 Another interpretation | 168 |
23 Inflation in Germany and France | 171 |
Cooperation between the European Central Bank the German Government and the French Government | 174 |
2 Some Numerical Examples | 176 |
22 Inflation in Germany and France | 159 |
Rational Policy Expectations | 161 |
The Small Monetary Union of Two Countries | 162 |
2 Competition between the Union Central Bank the German Government and the French Government | 164 |
The World of Two Monetary Regions | 166 |
2 Fiscal Competition between Europe and America | 170 |
The Large Monetary Union of Two Countries | 173 |
2 Competition between the European Central Bank the German Government and the French Government | 176 |
Synopsis | 179 |
1 The Small Monetary Union of Two Countries | 183 |
13 Fiscal Competition between Germany and France | 185 |
14 Fiscal Cooperation between Germany and France | 187 |
15 Competition between the Union Central Bank the German Government and the French Government | 188 |
16 Cooperation between the Union Central Bank the German Government and the French Government | 193 |
2 The World of Two Monetary Regions | 196 |
23 Monetary Cooperation between Europe and America | 200 |
24 Fiscal Competition between Europe and America | 201 |
25 Fiscal Cooperation between Europe and America | 204 |
3 The Large Monetary Union of Two Countries | 206 |
33 Fiscal Cooperation between Germany and France | 208 |
34 Competition between the European Central Bank the German Government and the French Government | 208 |
35 Cooperation between the European Central Bank the German Government and the French Government | 210 |
1 The Small Monetary Union of Two Countries | 213 |
2 The World of Two Monetary Regions | 217 |
Symbols | 221 |
A Brief Survey of the Literature | 223 |
References | 227 |
Index | 239 |
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Parole e frasi comuni
A₁ achieve full employment American government purchases American money supply causes a decline causes an increase decline in French decline in German endogenous variables Europe and America European central bank European government purchases European money supply external effect fiscal competition fiscal cooperation fiscal policy multiplier French government purchases French nominal wages French output goes gap in France gap in Germany German government purchases German nominal wages German output goes Germany and France Germany exceeds unemployment goes from 970 increase in American increase in European increase in French increase in German inflationary gap inside lag let initial output monetary and fiscal monetary policy multiplier numerical example output gap output in France output in Germany output lag output of 30 output of equally overemployment in France purchases of 30 rational expectations side effect Step 1 refers target unemployment in Europe unemployment in France unemployment in Germany union central bank union money supply Y₁ Y₂