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La coordinacion internacional de la politica monetaria en presencia de perturbaciones simetricas: ¿Resulta beneficioso cooperar?

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Abstract

This paper discusses the possibility of international monetary policy coordination in response to symmetric disturbances. The results show, as expected, that coordination is always useful to deal with monetary shocks. But coordination is not always the best response against real shocks, since the cooperative solution may be counterproductive when aggregate supply is relatively rigid. Finally, the benefits of coordination become evident under supply shocks, because cooperation minimizes the cost of applying an inappropriate economic policy. To conclude, the advantages of monetary policy coordination would appear clearer when monetary and supply shocks would prevail.

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File URL: ftp://ftp.econ.unavarra.es/pub/DocumentosTrab/DT9808.PDF
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Bibliographic Info

Paper 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 9808.

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Length: 20 pages
Date of creation: May 1998
Date of revision:
Handle: RePEc:nav:ecupna:9808

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Keywords: Interdependencia; perturbaciones simetricas; coordinacion.;

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References

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  1. Jimeno, Juan Francisco & Viñals, José, 1996. "Monetary Union and European Unemployment," CEPR Discussion Papers 1485, C.E.P.R. Discussion Papers.
  2. Corden, Warner Max, 1985. "Macroeconomic Policy Interaction under Flexible Exchange Rates: A Two-Country Model," Economica, London School of Economics and Political Science, vol. 52(205), pages 9-23, February.
  3. María del Carmen Díaz, 1998. "Efectos de la coordinación internacional de la política monetaria en presencia de perturbaciones asimétricas," Documentos de Trabajo - Lan Gaiak Departamento de Economía - Universidad Pública de Navarra 9815, Departamento de Economía - Universidad Pública de Navarra.
  4. Douven, R. & Plasmans, J., 1995. "Convergence and International Policy Coordination in the EU: A Dynamic Games Approach," Papers 9596, Tilburg - Center for Economic Research.
  5. 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.
  6. Bayoumi, Tamim & Eichengreen, Barry, 1992. "Shocking Aspects of European Monetary Unification," CEPR Discussion Papers 643, C.E.P.R. Discussion Papers.
  7. Sibert, Anne, 1997. "Monetary Integration and Economic Convergence," CEPR Discussion Papers 1561, C.E.P.R. Discussion Papers.
  8. Patrick J. Kehoe, 1986. "Coordination of fiscal policies in a world economy," Staff Report 98, Federal Reserve Bank of Minneapolis.
  9. Hamada, Koichi, 1976. "A Strategic Analysis of Monetary Interdependence," Journal of Political Economy, University of Chicago Press, vol. 84(4), pages 677-700, August.
  10. Rogoff, Kenneth, 1985. "Can international monetary policy cooperation be counterproductive?," Journal of International Economics, Elsevier, vol. 18(3-4), pages 199-217, May.
  11. 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(1), pages 1-76.
  12. Cohen, Daniel & Wyplosz, Charles, 1989. "The European Monetary Union: An Agnostic Evaluation," CEPR Discussion Papers 306, C.E.P.R. Discussion Papers.
  13. 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.
  14. Canzoneri, Matthew B & Gray, Jo Anna, 1985. "Monetary Policy Games and the Consequences of Non-cooperative Behavior," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 26(3), pages 547-64, October.
  15. David Currie & Paul Levine, 1985. "Macroeconomic Policy Design In An Interdependent World," NBER Chapters, in: International Economic Policy Coordination, pages 228-273 National Bureau of Economic Research, Inc.
  16. Helg, Rodolfo & Manasse, Paolo & Monacelli, Tommaso & Rovelli, Riccardo, 1995. "How much (a)symmetry in Europe? Evidence from industrial sectors," European Economic Review, Elsevier, vol. 39(5), pages 1017-1041, May.
  17. Jacob A. Frenkel & Morris Goldstein & Paul R. Masson, 1988. "International Coordination of Economic Policies: Scope, Methods, and Effects," NBER Working Papers 2670, National Bureau of Economic Research, Inc.
  18. Douven, R.C.M.H. & Plasmans, J.E.J., 1995. "Convergence and international policy coordination in the EU: A dynamic games approach," Discussion Paper 1995-96, Tilburg University, Center for Economic Research.
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