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Delegation in International Monetary Policy Games

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  • Dolado, Juan J.
  • Griffiths, Mark
  • Padilla, Atilano Jorge

Abstract

In this paper we show that the delegation of monetary policy to an independent and more conservative central banker is an optimal policy in an international context with monetary spillovers between countries, even in the absence of time inconsistency (credibility) issues. We also study the welfare implications of delegating monetary policy and extend our analysis to incorporate the coordination of monetary policies.

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File URL: http://www.cepr.org/pubs/dps/DP761.asp
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Bibliographic Info

Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 761.

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Date of creation: Feb 1993
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Handle: RePEc:cpr:ceprdp:761

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Postal: Centre for Economic Policy Research, 77 Bastwick Street, London EC1V 3PZ.
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Keywords: Delegation; International Economy; Monetary Policy; Spillovers;

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Cited by:
  1. Marcello D'Amato & Riccardo Martina, 2000. "Credibility and Commitment of Monetary Policy in Open Economies," CSEF Working Papers 47, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
  2. Campoy, Juan Cristobal & Negrete, Juan Carlos, 2007. "A decentralized and state-independent mechanism for internalizing international monetary policy spillovers," Economics Letters, Elsevier, vol. 94(3), pages 326-331, March.
  3. Spagnolo, G., 1999. "Issue Linkage, Delegation, and International Policy Cooperation," Cambridge Working Papers in Economics 9913, Faculty of Economics, University of Cambridge.
  4. Leo Wangler & JJuan-Carlos Altamirano-Cabrera & Hans-Peter Weikard, 2011. "The Political Economy of International Environmental Agreements: A Survey," Jena Economic Research Papers 2011-038, Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics.
  5. Fatum, Rasmus, 2006. "One monetary policy and 18 central bankers: The European monetary policy as a game of strategic delegation," Journal of Monetary Economics, Elsevier, vol. 53(4), pages 659-669, May.
  6. Carrera, Jorge Eduardo, 1995. "Efectos precio y comercio en un area monetaria asimetrica
    [Price and trade effects in an asymmetric monetary area]
    ," MPRA Paper 7844, University Library of Munich, Germany.
  7. Joseph Daniels & David VanHoose, 1998. "Two-Country Models of Monetary and Fiscal Policy: What Have We Learned? What More Can We Learn?," Open Economies Review, Springer, vol. 9(3), pages 265-284, July.
  8. Eckert, Heather, 2003. "Negotiating environmental agreements: Regional or federal authority?," Journal of Environmental Economics and Management, Elsevier, vol. 46(1), pages 1-24, July.
  9. Jensen, Henrik, 2000. "Optimal monetary policy cooperation through state-independent contracts with targets," European Economic Review, Elsevier, vol. 44(3), pages 517-539, March.
  10. Florin O. Bilbie, 2005. "The Utopia of Implementing Monetary Policy Cooperation through Domestic Institutions," Economics Series Working Papers 2005-W13, University of Oxford, Department of Economics.
  11. Marcello D'Amato & Barbara Pistoresi & Francesco Salsano, 2009. "On the determinants of Central Bank independence in open economies," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 14(2), pages 107-119.
  12. Segendorff, Bjorn, 1998. "Delegation and Threat in Bargaining," Games and Economic Behavior, Elsevier, vol. 23(2), pages 266-283, May.
  13. Agiomirgianakis, George & Zervoyianni, Athina, 2001. "Globalization of labor markets and macroeconomic equilibrium," International Review of Economics & Finance, Elsevier, vol. 10(2), pages 109-133.
  14. Paul Levine & Joseph Pearlman, 2002. "Delegation and Fiscal Policy in the Open Economy: More Bad News for Rogoff's Delegation Game," Open Economies Review, Springer, vol. 13(2), pages 153-174, April.

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