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Policy Competition and Policy Cooperation in a Monetary Union - Michael Carlberg

Policy Competition and Policy Cooperation in a Monetary Union

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Published: 23rd February 2004
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European monetary unification seems to be one of the most important events in international monetary affairs since the breakdown of Bretton Woods. It pos es a major challenge to central banks, governments, and labour unions. It opens up new fields of economic research that are both intriguing and fascinating. European Monetary Union amounts to a switch of regime. Surely the MundellĀ­ Fleming model of the open economy does no longer apply to Germany or France. The effects of shocks and policies on output and prices should have changed dramatically in size. Some of them should even work in the opposite direction now. The present book is part of a larger research project on monetary union, see Carlberg (1999, 2000, 2001, 2002, 2003). Some parts of this project were presented at the World Congress of the International Economic Association in Lisbon. Other parts were presented at the Macro Study Group of the German Economic Association, at the Annual Meeting of the Austrian Economic Association in Klagenfurt, at the Pass au Workshop on International Economics, at the Halle Workshop on Monetary Economics, and at the Research Seminar on Macroeconomics in Freiburg. Moreover, book reviews were published in the Economic Journal, Kyklos, the Journal of Economics, and the Journal of Economics and Statistics.

Introductionp. 1
The monetary union of two countries : basic modelsp. 9
Monetary policy in the unionp. 10
Fiscal competition between Germany and Francep. 14
Fiscal cooperation between German and Francep. 31
Competition between the Union Central Bank, the German government, and the French governmentp. 39
Cooperation between the Union Central Bank, the German government, and the French governmentp. 49
Independent Central Bank, fiscal cooperation between Germany and Francep. 57
A synopsis of the basic modelsp. 71
The monetary union of two countries : intermediate modelsp. 75
Fiscal competition : a general modelp. 76
The union countries differ in sizep. 80
The union countries differ in behaviourp. 86
Simultaneous and independent decisionsp. 92
Gradualist policiesp. 96
Alternative targets of the Union Central Bankp. 100
The German government targets overemploymentp. 108
No spillovers of fiscal policyp. 112
Positive spillovers of fiscal policyp. 118
The monetary union of two countries : advanced modelsp. 131
Cold-turkey policies : sequential decisionsp. 132
Cold-turkey policies : simultaneous decisionsp. 137
Gradualist policies : sequential decisionsp. 146
Gradualist policies : simultaneous decisionsp. 154
Monetary, fiscal and wage competitionp. 164
The monetary union of n countriesp. 179
The monetary union of three countriesp. 180
The monetary union of four countriesp. 202
Rational policy expectationsp. 205
Rational policy expectations in Germany and Francep. 206
Adaptive policy expectations in Germany and Francep. 218
Adaptive policy expectations in Germany, rational policy expectations in Francep. 221
Conclusionp. 229
Resultp. 261
Symbolsp. 267
A brief survey of the literaturep. 268
The current research projectp. 271
Referencesp. 273
Indexp. 285
Table of Contents provided by Blackwell. All Rights Reserved.

ISBN: 9783540209140
ISBN-10: 354020914X
Audience: Tertiary; University or College
Format: Hardcover
Language: English
Number Of Pages: 288
Published: 23rd February 2004
Publisher: Springer-Verlag Berlin and Heidelberg Gmbh & Co. Kg
Country of Publication: DE
Dimensions (cm): 23.5 x 15.5  x 1.91
Weight (kg): 1.34