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Global Implications of Monetary and Fiscal Policy Rules in the EMU

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Author Info

  • Gottfried Haber

    ()

  • Reinhard Neck
  • Warwick McKibbin

Abstract

In order to analyze successful strategies for economic policy in a global environment both international interdependencies and the strategic behavior of “global players†must be considered. We use a global model of the world economy (the MSG2 Model) to show the effects of dynamic policy optimization in the presence of various supply and demand shocks to different world regions. We show that fixed rules are generally superior for supply shocks, while demand shocks call for more active or discretionary policies. Copyright Kluwer Academic Publishers 2002

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File URL: http://hdl.handle.net/10.1023/A:1020665430322
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Bibliographic Info

Article provided by Springer in its journal Open Economies Review.

Volume (Year): 13 (2002)
Issue (Month): 4 (October)
Pages: 363-379

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Handle: RePEc:kap:openec:v:13:y:2002:i:4:p:363-379

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Web page: http://www.springerlink.com/link.asp?id=100323

Related research

Keywords: European Economic and Monetary Union; monetary policy; fiscal policy; European integration; dynamic games; cooperation; rules;

References

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  1. Taylor, John B., 1993. "Discretion versus policy rules in practice," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 39(1), pages 195-214, December.
  2. Frederic S. Mishkin, 2000. "International Experiences with Different Monetary Policy Regimes," NBER Working Papers 7044, National Bureau of Economic Research, Inc.
  3. Richard Clarida & Jordi Gali & Mark Gertler, 1997. "Monetary Policy Rules in Practice: Some International Evidence," NBER Working Papers 6254, National Bureau of Economic Research, Inc.
  4. Bean, Charles, 1998. "Monetary Policy under EMU," Oxford Review of Economic Policy, Oxford University Press, vol. 14(3), pages 41-53, Autumn.
  5. Svensson, L.E.O., 1998. "Inflation Targeting as a Monetary Policy Rule," Papers 646, Stockholm - International Economic Studies.
  6. Eijffinger, Sylvester & Haan, Jakob de, 2000. "European Monetary and Fiscal Policy," OUP Catalogue, Oxford University Press, number 9780198776161.
  7. Reinhard Neck & Gottfried Haber & Warwick McKIBBIN, 1999. "Macroeconomic Policy Design in the European Monetary Union: A Numerical Game Approach," Empirica, Springer, vol. 26(4), pages 319-335, December.
  8. Reinhard Reinhard & Gottfried Haber & Warwick McKibbin, 2002. "Monetary and Fiscal Policy-Makers in the European Economic and Monetary Union: Allies or Adversaries?," Empirica, Springer, vol. 29(3), pages 225-244, September.
  9. 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.
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Citations

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Cited by:
  1. Joseph Plasmans & Jacob Engwerda & Bas van Aarle & Tomasz Michalak & Giovanni Di Bartolomeo, 2006. "Macroeconomic Stabilization Policies In The Emu: Spillovers, Asymmetries And Institutions," Scottish Journal of Political Economy, Scottish Economic Society, vol. 53(4), pages 461-484, 09.
  2. Reinhard Neck & Gottfried Haber, 2006. "Macroeconomic policy and EMU enlargement," CESifo Forum, Ifo Institute for Economic Research at the University of Munich, vol. 7(4), pages 17-21, December.
  3. Reinhard Neck & Doris Behrens, 2009. "A Macroeconomic Policy Game for a Monetary Union with Adaptive Expectations," Atlantic Economic Journal, International Atlantic Economic Society, vol. 37(4), pages 335-349, December.
  4. Reinhard Neck & GOTTFRIED Haber & WARWICK Mckibbin, 2004. "European Monetary and Fiscal Policies after the EU Enlargement," Empirica, Springer, vol. 31(2), pages 229-245, June.
  5. Reinhard Reinhard & Gottfried Haber & Warwick McKibbin, 2002. "Monetary and Fiscal Policy-Makers in the European Economic and Monetary Union: Allies or Adversaries?," Empirica, Springer, vol. 29(3), pages 225-244, September.
  6. Bas van Aarle & Harry Garretsen & Florence Huart, 2003. "Transatlantic Monetary and Fiscal Policy Interaction," CESifo Working Paper Series 1042, CESifo Group Munich.
  7. Neck, Reinhard & Blüschke, Dmitri, 2013. ""Haircuts" for the EMU Periphery: Virtue or Vice?," Annual Conference 2013 (Duesseldorf): Competition Policy and Regulation in a Global Economic Order 79887, Verein für Socialpolitik / German Economic Association.
  8. Dmitri Blueschke & Reinhard Neck, 2011. "“Core” and “Periphery” in a Monetary Union: A Macroeconomic Policy Game," International Advances in Economic Research, Springer, vol. 17(3), pages 334-346, August.
  9. Warwick J. McKibbin & David Vines, 2003. "Changes in Equity Risk Perceptions: Global Consequences and Policy Responses," Departmental Working Papers 2003-15, The Australian National University, Arndt-Corden Department of Economics.

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