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Developments in the Political Economy of Policy Coordination

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Author Info
Thomas Willett ()
Abstract

Issues of macroeconomic and exchange rate policy coordination have cycled in and out of the forefront of international policy discussions a number of times over the last several decades, yet little systematic progress has been made in institutionalizing this process and both the potential benefits and costs of cordination strategies remain highly controversial. This essay reviews the recent technical and political economy literature on this subject, highlighting the major areas of consesus and disagreement. It emphasizes the importance of taking uncertainty and political economy considerations into account. Copyright Kluwer Academic Publishers 1999

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File URL: http://hdl.handle.net/10.1023/A:1008373406841
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Publisher Info
Article provided by Springer in its journal Open Economies Review.

Volume (Year): 10 (1999)
Issue (Month): 2 (May)
Pages: 221-253
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Handle: RePEc:kap:openec:v:10:y:1999:i:2:p:221-253

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Related research
Keywords: macroeconomic policy E6; F4; exchange rate policy F3; F4; international monetary relations F3;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Ugo Panizza, 1997. "Optimal Contracts for Central Bankers: Inflation versus Money Supply and Exchange Rate Targets," Open Economies Review, Springer, vol. 8(1), pages 5-29, January. [Downloadable!] (restricted)
  2. Cohen, Daniel & Wyplosz, Charles, 1989. "The European Monetary Union: An Agnostic Evaluation," CEPR Discussion Papers 306, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  3. Von Furstenberg, George M. & Daniels, Joseph P., 1991. "Policy undertakings by the seven "summit" countries: ascertaining the degree of compliance," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 35(1), pages 267-307, January. [Downloadable!] (restricted)
  4. Michael Bordo & Anna Schwartz, 1991. "What has foreign exchange market intervention since the Plaza Agreement accomplished?," Open Economies Review, Springer, vol. 2(1), pages 39-64, February. [Downloadable!] (restricted)
  5. Jensen, Henrik, 1997. " Monetary Policy Cooperation May Not Be Counterproductive," Scandinavian Journal of Economics, Blackwell Publishing, vol. 99(1), pages 73-80, March. [Downloadable!] (restricted)
  6. Sims, Christopher A, 1980. "Macroeconomics and Reality," Econometrica, Econometric Society, vol. 48(1), pages 1-48, January. [Downloadable!] (restricted)
  7. Michael W. Klein & Eric S. Rosengren, 1991. "Foreign exchange intervention as a signal of monetary policy," New England Economic Review, Federal Reserve Bank of Boston, issue May, pages 39-50.
  8. Hughes Hallett, A J, 1986. "Autonomy and the Choice of Policy in Asymmetrically Dependent Economies: An Investigation of the Gains from International Policy Co-ordination," Oxford Economic Papers, Oxford University Press, vol. 38(3), pages 516-44, November. [Downloadable!] (restricted)
  9. Jacques J. Polak, 1991. "The Changing Nature of IMF Conditionality," OECD Development Centre Working Papers 41, OECD, Development Centre. [Downloadable!]
  10. Putnam, Robert D, 1988. "Diplomacy and Domestic Politics: The Logic of Two-Level Games," International Organization, MIT Press, vol. 42(3), pages 427-60, Summer.
  11. Hughes Hallett, A J, 1993. "Exchange Rates and Asymmetric Policy Regimes: When Does Exchange Rate Targeting Pay?," Oxford Economic Papers, Oxford University Press, vol. 45(2), pages 191-206, April. [Downloadable!] (restricted)
  12. Currie, David & Levine, Paul L & Vidalis, Nic, 1987. "International Cooperation and Reputation in an Empirical Two-Bloc Model," CEPR Discussion Papers 198, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  13. Matthew B. Canzoneri & Hali J. Edison, 1990. "A new interpretation of the coordination problem and its empirical significance," Proceedings, Board of Governors of the Federal Reserve System (U.S.), pages 399-435.
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  14. Carraro, Carlo & Giavazzi, Francesco, 1988. "Can International Policy Coordination Really Be Counterproductive?," CEPR Discussion Papers 258, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  15. Frankel, Jeffrey A & Rockett, Katharine E, 1988. "International Macroeconomic Policy Coordination When Policymakers Do Not Agree on the True Model," American Economic Review, American Economic Association, vol. 78(3), pages 318-40, June. [Downloadable!] (restricted)
  16. Gowa, Joanne, 1988. "Public Goods and Political Institutions: Trade and Monetary Policy Processes in the United States," International Organization, MIT Press, vol. 42(1), pages 15-32, Winter.
  17. Caporaso, James A, 1992. "International Relations Theory and Multilateralism: The Search for Foundations," International Organization, MIT Press, vol. 46(3), pages 599-632, Summer.
  18. Kahler, Miles, 1992. "Multilateralism with Small and Large Numbers," International Organization, MIT Press, vol. 46(3), pages 681-708, Summer.
  19. Holtham, Gerald & Hughes Hallett, Andrew, 1987. "International Policy Cooperation and Model Uncertainty," CEPR Discussion Papers 190, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  20. Kahler, Miles, 1992. "Multilateralism with small and large numbers," International Organization, Cambridge University Press, vol. 46(03), pages 681-708, June. [Downloadable!]
  21. Matthew B. Canzoneri & Dale W. Henderson, 1991. "Monetary Policy in Interdependent Economies: A Game-Theoretic Approach," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262031787, December.
  22. Frieden, Jeffry A., 1991. "Invested interests: the politics of national economic policies in a world of global finance," International Organization, Cambridge University Press, vol. 45(04), pages 425-451, September. [Downloadable!]
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  23. Eichengreen, Barry & Ghironi, Fabio, 1995. "European Monetary Unification: The Challenges Ahead," CEPR Discussion Papers 1217, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  24. Gowa, Joanne, 1988. "Public goods and political institutions: trade and monetary policy processes in the United States," International Organization, Cambridge University Press, vol. 42(01), pages 15-32, December. [Downloadable!]
  25. Hallett, A.J. Hughes, 1986. "International policy design and the sustainability of policy bargains," Journal of Economic Dynamics and Control, Elsevier, vol. 10(4), pages 467-494, December. [Downloadable!] (restricted)
  26. North, D.C., 1990. "A Transaction Cost Theory of Politics," Papers 144, Washington St. Louis - School of Business and Political Economy.
  27. Putnam, Robert D., 1988. "Diplomacy and domestic politics: the logic of two-level games," International Organization, Cambridge University Press, vol. 42(03), pages 427-460, June. [Downloadable!]
  28. Hallet, A. J. Hughes, 1994. "On the imperfect substitutability of policy regimes : Exchange rate targetting vs policy coordination," Economics Letters, Elsevier, vol. 44(1-2), pages 159-164. [Downloadable!] (restricted)
  29. Holtham, Gerald & Hughes Hallett, Andrew, 1992. "International Macroeconomic Policy Coordination When Policymakers Do Not Agree on the True Model: Comment," American Economic Review, American Economic Association, vol. 82(4), pages 1043-51, September. [Downloadable!] (restricted)
  30. Caporaso, James A., 1992. "International relations theory and multilateralism: the search for foundations," International Organization, Cambridge University Press, vol. 46(03), pages 599-632, June. [Downloadable!]
  31. Gilles Oudiz & Jeffrey Sachs, 1984. "Macroeconomic Policy Coordination among the Industrial Economies," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 15(1984-1), pages 1-76. [Downloadable!]
  32. Polak, J.J., 1991. "The Changing Nature of IMF Conditionality," Princeton Studies in International Economics 184, International Economics Section, Departement of Economics Princeton University,.
  33. Ghosh, Atish R & Masson, Paul R, 1991. "Model Uncertainty, Learning, and the Gains from Coordination," American Economic Review, American Economic Association, vol. 81(3), pages 465-79, June. [Downloadable!] (restricted)
Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Iljoong Kim & Inbae Kim, 2005. "Endogenous changes in the exchange rate regime: A bureaucratic incentive model," Public Choice, Springer, vol. 125(3), pages 339-361, December. [Downloadable!] (restricted)
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