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Autonomy and the Choice of Policy in Asymmetrically Dependent Economies: An Investigation of the Gains from International Policy Co-ordination

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  • Hughes Hallett, A J

Abstract

This paper examines whether decentralized control of the world e conomy effectively limits our ability to steer individual economies. It is well known that noncooperative policies are Pareto inefficient;but there is, as yet, no empirical evidence on the costs of uncoordinated policies or the potential g ains and risks in cooperation. In contrast to recent theoretical work in the are a, this paper uses an estimated multicountry model in a dynamic game framework t o estimate those costs and benefits. Policy design depends crucially on the asym metries between economies. Successful coordination depends on anticipation and o n timing the fiscal and monetary policy impacts correctly. Copyright 1986 by Royal Economic Society.

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  • Hughes Hallett, A J, 1986. "Autonomy and the Choice of Policy in Asymmetrically Dependent Economies: An Investigation of the Gains from International Policy Co-ordination," Oxford Economic Papers, Oxford University Press, vol. 38(3), pages 516-544, November.
  • Handle: RePEc:oup:oxecpp:v:38:y:1986:i:3:p:516-44
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    Cited by:

    1. Nolan, Charles, 2002. "Monetary Stabilisation Policy in a Monetary Union: Some Simple Analytics," Scottish Journal of Political Economy, Scottish Economic Society, vol. 49(2), pages 196-215, May.
    2. Andrew Hughes Hallett & Jan Libich & Petr StehlĂ­k, 2011. "Welfare Improving Coordination of Fiscal and Monetary Policy," Czech Economic Review, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, vol. 5(1), pages 007-026, March.
    3. Peter Mooslechner & Martin Schuerz, 1999. "International Macroeconomic Policy Coordination: Any Lessons for EMU? A Selective Survey of the Literature," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 26(3), pages 171-199, September.
    4. Thomas Willett, 1999. "Developments in the Political Economy of Policy Coordination," Open Economies Review, Springer, vol. 10(2), pages 221-253, May.

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