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The need for economic policy coordination between Europe, Japan, and the United States: Policy recommendations for the 1990s

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Author Info
Anthonie Knoester
André Kolodziejak
Abstract

Better policy coordination between Europe, Japan, and the United States is urgently needed in order to restore economic growth and to diminish mutual trade imbalances. Using the EC Compact model it is shown how coordinated fiscal policies can contribute to reaching these goals in the 1990s. For Europe, the most plausible fiscal policy option seems to be a combination of lower direct taxes, public spending cuts, and wage moderation; for Japan a more expansionary fiscal policy is feasible. For the United States, however, public spending cuts or tax increases are necessary conditions for better economic performance. In addition, for all three blocks a swap between tax reduction and wage moderation is recommended. Copyright Kluwer Academic Publishers 1994

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Publisher Info
Article provided by Springer in its journal Open Economies Review.

Volume (Year): 5 (1994)
Issue (Month): 4 (October)
Pages: 327-346
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Handle: RePEc:kap:openec:v:5:y:1994:i:4:p:327-346

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Related research
Keywords: International policy coordination; OECD fiscal policies; trade imbalances; economic growth; inverted Haavelmo effect; wage moderation;

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  1. Jacob A. Frenkel & Morris Goldstein & Paul R. Masson, 1989. "Simulating the Effects of Some Simple Coordinated versus Uncoordinated Policy," NBER Working Papers 2929, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  2. Feldstein, Martin, 1988. "Rethinking International Economic Coordination," Oxford Economic Papers, Oxford University Press, vol. 40(2), pages 205-19, June. [Downloadable!] (restricted)
  3. Warwick J. McKibbin & Jeffrey Sachs, 1986. "Coordination of Monetary and Fiscal Policies in the OECD," NBER Working Papers 1800, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  4. Feldstein, Martin, 1986. "Supply Side Economics: Old Truths and New Claims," American Economic Review, American Economic Association, vol. 76(2), pages 26-30, May. [Downloadable!] (restricted)
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  5. Nash, John, 1950. "The Bargaining Problem," Econometrica, Econometric Society, vol. 18(2), pages 155-162, April. [Downloadable!] (restricted)
  6. 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)
  7. Minford, Patrick & Agenor, Pierre-Richard & Nowell, Eric, 1986. "A new classical econometric model of the world economy," Economic Modelling, Elsevier, vol. 3(3), pages 154-174, July. [Downloadable!] (restricted)
  8. Norman S. Fieleke, 1988. "Economic interdependence between nations: reason for policy coordination?," New England Economic Review, Federal Reserve Bank of Boston, issue May, pages 21-38.
  9. Klein, L R, 1985. "New Developments in Project LINK," American Economic Review, American Economic Association, vol. 75(2), pages 223-27, May. [Downloadable!] (restricted)
  10. Pete Richardson, 1987. "Recent Developments in OECD's International Macroeconomic Model," OECD Economics Department Working Papers 46, OECD, Economics Department. [Downloadable!]
  11. Johnson, Keith N & Klein, Lawrence R, 1974. "Link Model Simulations of International Trade: An Evaluation of the Effects of Currency Realignment," Journal of Finance, American Finance Association, vol. 29(2), pages 617-30, May. [Downloadable!] (restricted)
  12. Canzoneri, Matthew B & Minford, Patrick, 1987. "Policy Interdependence: Does Strategic Behaviour Pay? An Empirical Investigation Using the Liverpool World Model," CEPR Discussion Papers 201, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  13. Cooper, Richard N., 1985. "Economic interdependence and coordination of economic policies," Handbook of International Economics, in: R. W. Jones & P. B. Kenen (ed.), Handbook of International Economics, edition 1, volume 2, chapter 23, pages 1195-1234 Elsevier. [Downloadable!] (restricted)
  14. Feldstein, Martin S, 1988. "Distinguished Lecture on Economics in Government: Thinking about International Economic Coordination," Journal of Economic Perspectives, American Economic Association, vol. 2(2), pages 3-13, Spring. [Downloadable!] (restricted)
  15. Knoester, Anthonie & Kolodziejak, Andre, 1992. "Effects of taxation in economic models : A survey," Economic Modelling, Elsevier, vol. 9(4), pages 352-364, October. [Downloadable!] (restricted)
  16. Knoester, Anthonie & van der Windt, Nico, 1987. "Real Wages and Taxation in Ten OECD Countries," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 49(1), pages 151-69, February.
  17. 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!]
  18. Leontief, Wassily, 1977. "The future of the world economy+," Socio-Economic Planning Sciences, Elsevier, vol. 11(3), pages 171-182. [Downloadable!] (restricted)
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