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International Policy Coordination in a World with Model Uncertainty

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  • Atish R. Ghosh

    (International Monetary Fund)

  • Paul R. Masson

    (International Monetary Fund)

Abstract

The design and desirability of rules for the international coordination of macroeconomic policies in a world characterized by model uncertainty are considered. The presence of model uncertainty provides additional incentive to coordinate policies, provided that policymakers recognize that they cannot know the true model. To quantify the benefits from coordination, confidence regions are specified for parameters in MINIMOD; policymakers in the United States and the rest of the world are assumed to use these ranges as subjective probability priors. It is shown that the expected value of gains from coordination of policies may be large, despite substantial parameter uncertainty.

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Bibliographic Info

Article provided by Palgrave Macmillan in its journal Staff Papers - International Monetary Fund.

Volume (Year): 35 (1988)
Issue (Month): 2 (June)
Pages: 230-258

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Handle: RePEc:pal:imfstp:v:35:y:1988:i:2:p:230-258

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Cited by:
  1. Matthew B. Canzoneri & Hali J. Edison, 1989. "A new interpretation of the coordination problem and its empirical significance," International Finance Discussion Papers 340, Board of Governors of the Federal Reserve System (U.S.).
  2. Jacob A. Frenkel & Morris Goldstein, 1988. "Exchange rate volatility and misalignment: evaluating some proposals for reform," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 185-231.
  3. Nyahoho, Emmanuel, 1995. "La concurrence de monnaies dans un marché financier dématérialisé," L'Actualité Economique, Société Canadienne de Science Economique, vol. 71(3), pages 334-364, septembre.
  4. Jeffrey Frankel & Scott Erwin & Katharine Rockett, 1991. "A Note on Internationally Coordinated Policy Packages Intended to be Robust Under Model Uncertainty," NBER Working Papers 3747, National Bureau of Economic Research, Inc.

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