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International monetary policy coordination: an evaluation of cooperative strategies using a large ec

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  • Ray Barrell
  • Dr Ian Hurst

Abstract

Given the increase in world economic integration we wish to examine whether there is a case for coordinating monetary policy across some of the major economies. In late 1998 and early 1999, US monetary policy responded to global economic conditions and interest rates were cut in response to the crisis in Asia. But Europe could have also played an important role in helping to boost world demand given a serious economic downturn. We undertake stochastic simulations on the National Institute's World econometric model, NiGEM, in order to evaluate independently set monetary policy where domestic considerations remain the prime objective and a coordinated policy where domestic interest rates react to conditions outside the

Suggested Citation

  • Ray Barrell & Dr Ian Hurst, 2000. "International monetary policy coordination: an evaluation of cooperative strategies using a large ec," National Institute of Economic and Social Research (NIESR) Discussion Papers 160, National Institute of Economic and Social Research.
    • Handle: RePEc:nsr:niesrd:160
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    Cited by:

    1. de-Ramon, Sebastián & Iscenko, Zanna & Osborne, Matthew & Straughan, Michael & Andrews, Peter, 2012. "Measuring the impact of prudential policy on the macroeconomy: A practical application to Basel III and other responses to the financial crisis," MPRA Paper 69423, University Library of Munich, Germany.
    2. Dury, Karen & Pina, Alvaro M., 2003. "Fiscal policy in EMU: simulating the operation of the Stability Pact," Journal of Policy Modeling, Elsevier, vol. 25(2), pages 179-206, February.

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