Delegation in international monetary policy games
In this paper we show that the delegation of monetary policy to an independent and more conservative central banker is an optimal policy in an international context with monetary spillovers between countries, even in the absence of time inconsistency (credibility) issues. We also study the welfare implications of delegating monetary policy and extend our analysis to incorporate the coordination of monetary policies.
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- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
- E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
- F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
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- Marcello D'Amato & Barbara Pistoresi & Francesco Salsano, 2009. "On the determinants of Central Bank independence in open economies," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 14(2), pages 107-119.
- Persson, Torsten & Tabellini, Guido, 1999.
"Political economics and macroeconomic policy,"
Handbook of Macroeconomics,in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 22, pages 1397-1482
- Torsten Persson & Guido Tabellini, "undated". "Political Economics and Macroeconomic Policy," Working Papers 121, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
- Persson, T. & Tabellini, G., 1997. "Political Economics and Macroeconomic Policy," Papers 630, Stockholm - International Economic Studies.
- Torsten Persson & Guido Tabellini, 1997. "Political Economics and Macroeconomic Policy," NBER Working Papers 6329, National Bureau of Economic Research, Inc.
- Persson, Torsten & Tabellini , Guido, 1997. "Political Economics and Macroeconomic Policy," Seminar Papers 630, Stockholm University, Institute for International Economic Studies.
- Persson, Torsten & Tabellini, Guido, 1997. "Political Economics and Macroeconomic Policy," CEPR Discussion Papers 1759, C.E.P.R. Discussion Papers.
- Fatum, Rasmus, 2006. "One monetary policy and 18 central bankers: The European monetary policy as a game of strategic delegation," Journal of Monetary Economics, Elsevier, vol. 53(4), pages 659-669, May.
- Leo Wangler & Juan-Carlos Altamirano-Cabrera & Hans-Peter Weikard, 2013. "The political economy of international environmental agreements: a survey," International Environmental Agreements: Politics, Law and Economics, Springer, vol. 13(3), pages 387-403, September.
- Leo Wangler & JJuan-Carlos Altamirano-Cabrera & Hans-Peter Weikard, 2011. "The Political Economy of International Environmental Agreements: A Survey," Jena Economic Research Papers 2011-038, Friedrich-Schiller-University Jena.
- D'Amato, Marcello & Martina, Riccardo, 2005. "Credibility and commitment of monetary policy in open economies," European Journal of Political Economy, Elsevier, vol. 21(4), pages 872-902, December.
- Marcello D'Amato & Riccardo Martina, 2000. "Credibility and Commitment of Monetary Policy in Open Economies," CSEF Working Papers 47, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
- Jensen, Henrik, 2000. "Optimal monetary policy cooperation through state-independent contracts with targets," European Economic Review, Elsevier, vol. 44(3), pages 517-539, March.
- Paul Levine & Joseph Pearlman, 2002. "Delegation and Fiscal Policy in the Open Economy: More Bad News for Rogoff's Delegation Game," Open Economies Review, Springer, vol. 13(2), pages 153-174, April.
- Agiomirgianakis, George & Zervoyianni, Athina, 2001. "Globalization of labor markets and macroeconomic equilibrium," International Review of Economics & Finance, Elsevier, vol. 10(2), pages 109-133.
- Campoy, Juan Cristobal & Negrete, Juan Carlos, 2007. "A decentralized and state-independent mechanism for internalizing international monetary policy spillovers," Economics Letters, Elsevier, vol. 94(3), pages 326-331, March.
- Andreas Freytag & Leo Wangler, 2008. "Strategic Trade Policy als Response to Climate Change? The Political Economy of Climate Policy," Jena Economic Research Papers 2008-001, Friedrich-Schiller-University Jena.
- Eckert, Heather, 2003. "Negotiating environmental agreements: Regional or federal authority?," Journal of Environmental Economics and Management, Elsevier, vol. 46(1), pages 1-24, July.
- Joseph Daniels & David VanHoose, 1998. "Two-Country Models of Monetary and Fiscal Policy: What Have We Learned? What More Can We Learn?," Open Economies Review, Springer, vol. 9(3), pages 265-284, July.
- Carrera, Jorge Eduardo, 1995. "Efectos precio y comercio en un area monetaria asimetrica
[Price and trade effects in an asymmetric monetary area]," MPRA Paper 7844, University Library of Munich, Germany.
- Spagnolo, G., 1999. "Issue Linkage, Delegation, and International Policy Cooperation," Cambridge Working Papers in Economics 9913, Faculty of Economics, University of Cambridge.
- Segendorff, Bjorn, 1998. "Delegation and Threat in Bargaining," Games and Economic Behavior, Elsevier, vol. 23(2), pages 266-283, May.
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