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Dynamic Policy Interactions in a Monetary Union

  • Book
  • © 2011

Overview

Authors:
  1. Michael Carlberg

    1. Universität der Bundeswehr Hamburg, FB Wirtsch.-u.Organisationswissensch., Helmut-Schmidt-Universität, Hamburg, Germany

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  • A series of basic, intermediate, and more advanced models help the reader to understand and proceed quickly

  • The investigation covers demand shocks, supply shocks, and mixed shocks

  • The analysis includes country-specific shocks and common shocks

  • Includes supplementary material: sn.pub/extras

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Table of contents (23 chapters)

  1. Front Matter

    Pages i-xii
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  2. Introduction

    • Michael Carlberg
    Pages 1-9

  4. Monetary Policy in Europe

    1. Front Matter

      Pages 109-109
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    2. Target System A

      • Michael Carlberg
      Pages 111-122

    3. Target System B

      • Michael Carlberg
      Pages 123-134

  5. Fiscal Policy in Germany

    1. Front Matter

      Pages 135-135
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    2. Target System A

      • Michael Carlberg
      Pages 137-142

    3. Target System B

      • Michael Carlberg
      Pages 143-148

  6. First the Central Bank Decides, then the Governments Decide

    1. Front Matter

      Pages 149-149
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    2. Target System A

      • Michael Carlberg
      Pages 151-162

    3. Target System B

      • Michael Carlberg
      Pages 163-173

    4. Target System C

      • Michael Carlberg
      Pages 174-185

  7. First the Governments Decide, then the Central Bank Decides

    1. Front Matter

      Pages 187-187
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    2. Target System A

      • Michael Carlberg
      Pages 189-200
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Keywords

About this book

This book studies the dynamics of monetary and fiscal interactions in the Euro Area. The policy makers are the European Central Bank and national governments. The primary target of the ECB is low inflation. And the primary target of a national government is low unemployment. However, there is a short-run trade-off between low inflation and low unemployment. Here the main focus is on sequential policy decisions. Another focus is on simultaneous and independent policy decisions. And a third focus is on policy cooperation. There are demand shocks, supply shocks, and mixed shocks. There are country-specific shocks and common shocks. The key question is: Given a shock, what are the dynamic characteristics of the resulting process?

Authors and Affiliations

  • Universität der Bundeswehr Hamburg, FB Wirtsch.-u.Organisationswissensch., Helmut-Schmidt-Universität, Hamburg, Germany

    Michael Carlberg

About the author

Michael Carlberg is Professor at Helmut Schmidt University in Hamburg, Germany. His research is on Macroeconomics, Monetary Economics, and International Economics.

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