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Double-Edged Incentives: Institutions and Policy Coordination

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  • Persson, Torsten
  • Tabellini, Guido

Abstract

This paper illustrates some of the most important insights of the literature on international fiscal and monetary policy coordination. It notes that the analysis of international policy interactions is enriched by taking the incentives in the domestic policy process into account. These incentives can either be tied to credibility issues or to political institutions. The paper also focuses on the role of institutions that can enforce and support international cooperation. We discuss alternative task assignments between member countries and the central policy-making level, and alternative processes for collective decision making.

Suggested Citation

  • Persson, Torsten & Tabellini, Guido, 1995. "Double-Edged Incentives: Institutions and Policy Coordination," CEPR Discussion Papers 1141, C.E.P.R. Discussion Papers.
  • Handle: RePEc:cpr:ceprdp:1141
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    Keywords

    Fiscal Policy; Incentives; Monetary Policy; Policy Coordination;

    JEL classification:

    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
    • F00 - International Economics - - General - - - General

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