International monetary policy coordination under asymmetric shocks
AbstractThe purpose of this paper is to show whether international policy coordination may be the best response to economic interdependence. We will study the short-run interactions taking pla ce among interdependent economies, where monetary supply is the instrument used to maintain output and price targets. We develop a macroeconomic model in which countries show different preferences regarding objectives and face asymmetric disturbances, analyzing in strategic terms how nonetary policy can deal with real, monetary, adn supply shocks. We also show how the superiority of the cooperative solution depends on the sources of the disturbances, the underlying economic frameword, and the asymmetry of the preferences.
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Bibliographic InfoPaper provided by Departamento de Economía - Universidad Pública de Navarra in its series Documentos de Trabajo - Lan Gaiak Departamento de Economía - Universidad Pública de Navarra with number 0002.
Length: 45 pages
Date of creation: 2000
Date of revision:
Publication status: Published in
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Find related papers by JEL classification:
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
- E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
- F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission
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- Carmen Díaz-Roldán, 2000.
"Coordination Of Fiscal Policies In A Monetary Union,"
00-09, Asociación Española de Economía y Finanzas Internacionales.
- Carmen Díaz Roldán, 2000. "Coordination of fiscal policies in a monetary union," Documentos de Trabajo - Lan Gaiak Departamento de EconomÃa - Universidad PÃºblica de Navarra 0003, Departamento de Economía - Universidad Pública de Navarra.
- Carmen Díaz-Roldán, . "Coordination of Fiscal Policies in a Monetary Union," Working Papers on International Economics and Finance 00-09, FEDEA.
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