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Monetary Unions: The Policy Coordination Issue

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Author Info

  • Giovanni Di Bartolomeo

    (Public Economics Department, University of Rome La Sapienza)

  • Jacob Engwerda

    (Department of Econometrics, Tilburg University)

  • Joseph Plasmans

    (Faculty of Applied Economics UFSIA-RUCA, University of Antwerp)

  • Bas van Aarle

    (Faculty of Economics LICOS, Catholic University of Leuven)

Abstract

In this paper we build a three-country dynamic model of a monetary union (MU), where we focus on how coalitions among policy-makers are formed and what are their effects on the stabilization of output and price. Some preliminary results based on numerical simulations are provided.

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Bibliographic Info

Paper provided by EconWPA in its series Macroeconomics with number 0504023.

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Length: 6 pages
Date of creation: 16 Apr 2005
Date of revision:
Handle: RePEc:wpa:wuwpma:0504023

Note: Type of Document - pdf; pages: 6
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Web page: http://128.118.178.162

Related research

Keywords: Macroeconomic stabilization; coalitions; LQ differential games.;

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  1. Marion Kohler, 1999. "Coalition formation in international monetary policy games," Bank of England working papers 92, Bank of England.
  2. Carlo Carraro, 1997. "Modelling International Policy Games: Lessons from European Monetary Coordination," Empirica, Springer, vol. 24(3), pages 163-177, October.
  3. Reinhard Neck & Engelbert Dockner, 1995. "Commitment and coordination in a dynamic game model of international economic policy-making," Open Economies Review, Springer, vol. 6(1), pages 5-28, January.
  4. Yi, Sang-Seung, 1997. "Stable Coalition Structures with Externalities," Games and Economic Behavior, Elsevier, vol. 20(2), pages 201-237, August.
  5. Engwerda, Jacob C. & van Aarle, Bas & Plasmans, Joseph E. J., 2002. "Cooperative and non-cooperative fiscal stabilization policies in the EMU," Journal of Economic Dynamics and Control, Elsevier, vol. 26(3), pages 451-481, March.
  6. Bas van Aarle & Giovanni Di Bartolomeo & Jacob Engwerda & Joseph Plasmans, 2002. "Staying Together or Breaking Apart: Policy-makers’ Endogenous Coalitions Formation in the European Economic and Monetary Union," CESifo Working Paper Series 748, CESifo Group Munich.
  7. Widgren, Mika, 1994. "Voting power in the EC decision making and the consequences of two different enlargements," European Economic Review, Elsevier, vol. 38(5), pages 1153-1170, May.
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