An empirical analysis of policy coordination in the United States, Japan and Europe
AbstractCoordination of macroeconomic policy has been a major topic at recent summit meetings, and has been the subject of a number of theoretical studies. However, relatively little empirical research exists on policy coordination. This paper is an attempt to help fill this gap. The paper considers the quantitative importance of the coordination of fiscal and monetary policy under flexible exchange rates. We also evaluate the mechanisms by which the effects of macroeconomic policy are transmitted abroad. The nature of the equilibrium reached in the absence of coordination is also analyzed, and the empirical results are related to the theoretical literature. The analysis is based on simulations with the Multicountry Model (MCM) developed at the Federal Reserve Board.
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Bibliographic InfoPaper provided by Board of Governors of the Federal Reserve System (U.S.) in its series International Finance Discussion Papers with number 286.
Date of creation: 1986
Date of revision:
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- Hali J. Edison & Jaime R. Marquez & Ralph W. Tryon, 1986. "The structure and properties of the FRB multicountry model.Part I: Model description and simulation results," International Finance Discussion Papers 293, Board of Governors of the Federal Reserve System (U.S.).
- Matthew B. Canzoneri & Hali J. Edison, 1990.
"A new interpretation of the coordination problem and its empirical significance,"
Board of Governors of the Federal Reserve System (U.S.), pages 399-435.
- 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.).
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