Plasmans, J.E.J.K., Engwerda, J., van Aarle, B., di Bartolomeo, G., Michalak, T.
2006, XVI, 324 p.
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Dynamic Modeling of Monetary and Fiscal Cooperation Among Nations analyzes coordination of monetary and fiscal stabilization policies between countries and currency areas using a dynamic game approach. The first four chapters introduce the reader to the dynamics of fiscal and monetary policy cooperation. Issues covered include: fiscal coordination, fiscal stringency requirements, structural and bargaining power asymmetries and the design of monetary and fiscal policymaking in a monetary union. In the four last chapters multiple-player settings with aspects of fiscal and/or monetary coordination are analyzed using the endogenous coalition formation approach. The analysis is focused on shock and model asymmetries and issues of multi-country coordination in the presence of (possibly many) monetary unions.
Content Level »Professional/practitioner
Keywords »Cooperation - Dynamic - Fiscal - Modeling - Monetary - Plasmans - Policy - areas - coalition - control - coordination - currency - endogenous - formation - game - international - macroeconomic - optimal - parapluprod - theory
International Policy Coordination.- Mathematical Background.- The Basic Symmetric Two-Country Model.- An MU Model with Active Monetary Policy.- Endogenous Coalition Formation Concepts.- A Multi-Country Closed-Economy MU Model.- Accession to a Monetary Union.- World-wide Regional Policy Coordination.- Concluding Remarks.