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Designing Institutions for International Monetary Policy Coordination

  • Morales, A.J.
  • Padilla, A.J.

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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Paper provided by Centro de Estudios Monetarios Y Financieros- in its series Papers with number 9503.

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Length: 36 pages
Date of creation: 1995
Date of revision:
Handle: RePEc:fth:cemfdt:9503
Contact details of provider: Postal: Centro de Estudios Monetarios Y Financieros. Casado del Alisal, 5-28014 Madrid, Spain.
Phone: 914290551
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Web page: http://www.cemfi.es/
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