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Designing Institutions for International Monetary Policy Coordination

Author

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  • Morales, A.J.
  • Padilla, A.J.

Abstract

In this paper we study the adjustment of a N-country world economy to an unfavourable common supply shock. We show that world-wide monetary policy coordination is essential to achieve an optimal adjustment to the common shock, but that its actual implementation requires careful design to ensure that each country finds it optimal to join and to remain faithful to the coordination agreement. We then construct alternative coordination mechanisms which implement the first-best response to the common shock, discuss their main properties and rank them according to different criteria of desirability.
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Suggested Citation

  • Morales, A.J. & Padilla, A.J., 1995. "Designing Institutions for International Monetary Policy Coordination," Papers 9503, Centro de Estudios Monetarios Y Financieros-.
  • Handle: RePEc:fth:cemfdt:9503
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    Cited by:

    1. Beetsma, R.M.W.J. & Bovenberg, A.L., 1995. "The interaction of fiscal and monetary policy in a monetary union : Balancing credibility and flexibility," Discussion Paper 1995-101, Tilburg University, Center for Economic Research.
    2. Paul Grauwe, 1996. "The economics of convergence: Towards monetary union in Europe," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 132(1), pages 1-27, March.
    3. Hayo, Bernd, 1998. "Inflation culture, central bank independence and price stability," European Journal of Political Economy, Elsevier, vol. 14(2), pages 241-263, May.
    4. 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.
    5. Engwerda, J.C. & Douven, R.C.M.H., 1996. "A Game-Theoretic Rationale for EMU," Research Memorandum 727, Tilburg University, School of Economics and Management.

    More about this item

    Keywords

    INTERNATIONAL MONETARY SYSTEM;

    JEL classification:

    • D78 - Microeconomics - - Analysis of Collective Decision-Making - - - Positive Analysis of Policy Formulation and Implementation
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission

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