Simulating The Effects Of Some Simple Coordinated Versus Uncoordinated Policy Rules

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Simulating The Effects Of Some Simple Coordinated Versus Uncoordinated Policy Rules

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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 1989-01-01

Simulating The Effects Of Some Simple Coordinated Versus Uncoordinated Policy Rules written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989-01-01 with Business & Economics categories.

Effects of different policy rules are simulated: uncoordinated targeting of the money supply or nominal income, use of monetary policy to achieve coordinated targets for nominal or real exchange rates, and the use of monetary and fiscal policies to hit targets for internal and external balance. The following conclusions emerge: rules which performed best for some shocks performed poorly for others; monetary policy was ineffective in limiting movements in real exchange rates; unconstrained use of fiscal policy was quite powerful in influencing real variables; and dynamic instability was a potentially serious problem. Robustness to different specifications and to constraints on instruments remains to be examined.

Simulating The Effects Of Some Simple Coordinated Versus Uncoordinated Policy Rules

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Author : Jacob A. Frenkel
language : en
Publisher:
Release Date : 1989

Simulating The Effects Of Some Simple Coordinated Versus Uncoordinated Policy Rules written by Jacob A. Frenkel and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989 with Balance of payments categories.

Effects of different policy rules are simulated: uncoordinated targeting of the money supply or nominal income, use of monetary policy to achieve coordinated targets for nominal or real exchange rates, and the use of monetary and fiscal policies to hit targets for internal and external balance. The following conclusions emerge: rules which performed best for some shocks performed poorly for others; monetary policy was ineffective in limiting movements in real exchange rates; unconstrained use of fiscal policy was quite powerful in influencing real variables; and dynamic instability was a potentially serious problem. Robustness to different specifications and to constraints on instruments remains to be examined.

Specification Of Policy Rules And Performance Measures In Multicountry Simulation Studies

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Author : Mr.Bennett T. McCallum
language : en
Publisher: International Monetary Fund
Release Date : 1992-06-01

Specification Of Policy Rules And Performance Measures In Multicountry Simulation Studies written by Mr.Bennett T. McCallum and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992-06-01 with Business & Economics categories.

Much recent analysis of international monetary and fiscal policy issues, such as the choice of an exchange-rate regime or the design of a policy coordination scheme, has been conducted by stochastic simulations with multicountry econometric models. In these studies, it has become standard practice to consider alternative policy rules of a particular form that calls for departures of a policy instrument, from some “baseline” reference path, that are proportional to deviations of a specified target variable from its own baseline path. The present paper argues, however, that this standard rule form is seriously defective for evaluating such issues because the implied rules (1) often fail to be operational and (2) have associated performance measures that can be misleading in important cases. An example is presented that concerns the international “assignment problem” of optimally pairing instruments with policy objectives.

Macroeconomic Policies In An Interdependent World

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Author : Mr.Paul R. Masson
language : en
Publisher: International Monetary Fund
Release Date : 1989-06-15

Macroeconomic Policies In An Interdependent World written by Mr.Paul R. Masson and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989-06-15 with Business & Economics categories.

Copublished with the Brookings Institution, Washington D.C. and the Centre for Economic Policy Research, London, and edited by Ralph Bryant, David Currie, Jacob A. Frenkel, Paul Masson, and Richard Portes, this volume considers economic interdependence among well developed countries as well as between them and the developing regions of the world.

Rules Reputation And Macroeconomic Policy Coordination

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Author : David A. Currie
language : en
Publisher: Cambridge University Press
Release Date : 1993-08-12

Rules Reputation And Macroeconomic Policy Coordination written by David A. Currie and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993-08-12 with Business & Economics categories.

In this book David Currie and Paul Levine address a broad range of issues concerning the design and conduct of macroeconomic policy in open economies. Adopting neo-Keynesian models for which monetary and fiscal policy have short-term real effects, they analyse active stabilisation policies in both a single- and multi-country context. Questions addressed include: the merits of simple policy rules, policy design in the face of uncertainty and international policy coordination. A central feature of the book is the treatment of credibility and the effect of a policy-maker's reputation for sticking to announced policies. These considerations are integrated with coordination issues to produce a unique synthesis. The volume develops optimal control methods and dynamic game theory to handle relationships between governments and a conscious rational private sector and produces a unified, coherent approach to the subject. This book will be of interest to students and teachers of open economy macroeconomics and to professional economists interested in using macroeconomic models to design policy.

Fiscal Federalism In Theory And Practice

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Author : Mrs.Teresa Ter-Minassian
language : en
Publisher: International Monetary Fund
Release Date : 1997-09-10

Fiscal Federalism In Theory And Practice written by Mrs.Teresa Ter-Minassian and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997-09-10 with Business & Economics categories.

Over the past few decades, a clear trend has emerged worldwide toward the devolution of spending and, to a lesser extent, revenue-raising responsibilities to state and local levels of government. One view is that the decentralization of spending responsibilities can entail substantial gains in terms of distributed equity and macroeconomic management. The papers in this volume, edited by Teresa Ter-Minassian, examine the validity of these views in light of theoretical considerations, as well as the experience of a number of countries.

International Coordination Of National Stabilization Policies

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Author : Ralph C. Bryant
language : en
Publisher: Brookings Institution Press
Release Date : 1995-10-01

International Coordination Of National Stabilization Policies written by Ralph C. Bryant and has been published by Brookings Institution Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995-10-01 with Business & Economics categories.

As cross-border transactions and economic integration among nations have increased, formerly neglected differences among the domestic economic policies of nations have become progressively exposed to international scrutiny. National governments trying to pursue autonomous polices have found their decisions more difficult and the consequences of their decisions more uncertain. These trends have in turn provoked debate about whether governments should cooperate more fully when making their policy decisions. In this book, part of the Integrating National Economies series, Ralph A. Bryant considers how much national governments might benefit from coordination of their macroeconomic stabilization polices, the circumstances in which they might cooperation; and how ambitious that cooperation should be. Bryant argues that the potential benefits of attempted coordination are often greater than the potential risks. When national decisionmakers take into account the cross-border spillovers of their actions, and especially if the are prepared to consider mutually beneficial adjustments of their policy instruments, each cooperating nation may be able to attain higher levels of welfare. Bryant discusses circumstances in which efforts to coordinate could prove counterproductive. On the whole, however, he contends that efforts to coordinate policies internationally typically deserve examination and, frequently, can be expected to advance the common interests of nations' citizens. Bryant identifies and analyzes different forms of intergovernmental cooperation for monetary, fiscal, and exchange rate policies. One of the contributors of the book compares and evaluates three different analytical perspectives: the traditional policy-optimization approach favored by economists, the rule analysis of international regime environments, and the institutional analysis developed by scholars of international relations and political science. The book concludes with an o

Economic Industrial And Managerial Coordination Between Japan And The Usa

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Author : Kiyoshi Abe
language : en
Publisher: Springer
Release Date : 1992-11-25

Economic Industrial And Managerial Coordination Between Japan And The Usa written by Kiyoshi Abe and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992-11-25 with Business & Economics categories.

This volume is the product of a three-year collaborative project between Japanese and American scholars. Topics include foreign trade, foreign direct investment, coordination of monetary and fiscal policy, development assistance, telecommunications, intellectual property rights, and agricultural and corporate culture issues. The comparative analyses benefited from continuous dialogue among scholars from both sides of the Pacific.

International Financial Policy

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Author : Mr.Jacob A. Frenkel
language : en
Publisher: International Monetary Fund
Release Date : 1991-09-15

International Financial Policy written by Mr.Jacob A. Frenkel and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991-09-15 with Business & Economics categories.

During his distinguished career at the IMF, Jacques J. Polak served as both Director of Research and, subsequently as a member of the IMF Executive Board. His distinct contribution to the discipline of international financial policy is highlighted in this book edited by Jacob A. Frenkel and Morris Goldstein. The papers included were prepared for a conference, cosponsored by the Netherlands Bank and the IMF, held in Polak's honor in Washington, D.C., in January 1991.

Money And The Nation State

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Author : Kevin Dowd
language : en
Publisher: Routledge
Release Date : 2020-04-03

Money And The Nation State written by Kevin Dowd and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-04-03 with Business & Economics categories.

Monetary and banking problems in the world today arise not so much from the failure of specific policies as from more deep-seated problems in institutional structures. Individuals clearly make mistakes and legislatures make bad laws, but the institutions from which decisions and laws emanate determine the effectiveness of social operations and the value of social decisions. Unless we change the present institutional structure, we are not likely to get stable solutions to today's most serious problems—ongoing and often erratic inflation and serious banking instability. Money and the Nation State examines the history of modern monetary and banking arrangements, some of the major monetary and banking problems, and options for meaningful reform. The common theme of all the essays is that current arrangements result less from the accomplishments of great men than man-made institutions that society has inherited—central banks and "the legal and regulatory frameworks that accompany them. The contributors emphasize the impact of political interference on the workings of monetary and financial institutions. Not surprisingly, they find many problems arise because politically generated structures are inappropriate to the real needs of the individuals and groups they are meant to serve. Money and the Nation State provides an essential framework for those willing to return to first principles in thinking about the role of monetary institutions in economic life. Economists, financial theorists, and the interested citizen will find it stimulating reading.