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Simulating the Effects of Some Simple Coordinated versus Uncoordinated Policy

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Author Info
Jacob A. Frenkel
Morris Goldstein
Paul R. Masson

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Abstract

Effects of different policy rules are simulated: uncoordinated targeting of the money supply or nominal income, use of monetary policy to achieve coordinated targets for nominal or real exchange rates, and the use of monetary and fiscal policies to hit targets for internal and external balance. The following conclusions emerge: rules which performed best for some shocks performed poorly for others; monetary policy was ineffective in limiting movements in real exchange rates; unconstrained use of fiscal policy was quite powerful in influencing real variables; and dynamic instability was a potentially serious problem. Robustness to different specifications and to constraints on instruments remains to be examined.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 2929.

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Date of creation: Apr 1989
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Handle: RePEc:nbr:nberwo:2929

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  1. Dale W. Henderson & Warwick J. McKibbin, 1993. "A comparison of some basic monetary policy regimes for open economies: implications of different degrees of instrument adjustment and wage persistence," International Finance Discussion Papers 458, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
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  2. Anthonie Knoester & André Kolodziejak, 1994. "The need for economic policy coordination between Europe, Japan, and the United States: Policy recommendations for the 1990s," Open Economies Review, Springer, vol. 5(4), pages 327-346, October. [Downloadable!] (restricted)
  3. Eric M. Leeper, 1990. "The dynamics of interest rate and tax rules in a stochastic model," International Finance Discussion Papers 375, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
  4. Joseph E. Gagnon & Ralph W. Tryon, 1992. "Stochastic behavior of the world economy under alternative policy regimes," International Finance Discussion Papers 428, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
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