G2TT
来源类型Discussion paper
规范类型论文
来源IDDP119
DP119 When International Policy Coordination Matters: An Empirical Analysis
Matthew B Canzoneri; Patrick Minford
发表日期1986-07-01
出版年1986
语种英语
摘要The interdependence of national economies implies externalities in policy making, and these externalities lead to inefficient outcomes when policy-making is decentralised and independent. These externalities have been well documented from a theoretical point of view. This paper reports our attempts to discover if and when policy coordination matters. We use the Liverpool World Model, which exhibits strong spillover effects for monetary policy and would therefore, we thought, yield very different results from those of earlier researchers. However, strong spillover effects do not guarantee that cooperative and non cooperative policies will yield very different outcomes: other aspects of the policy game's structure can be equally important. Indeed, we found many plausible situations in which the non-cooperative and cooperative solutions are effectively indistinguishable, given realistic assumptions concerning the precision with which central banks seem to be able to control their money supplies. We also discovered situations in which coordination does make a significant difference, however.
主题International Macroeconomics
关键词Liverpool model monetary policy Policy coordination Spillovers
URLhttps://cepr.org/publications/dp119
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/529275
推荐引用方式
GB/T 7714
Matthew B Canzoneri,Patrick Minford. DP119 When International Policy Coordination Matters: An Empirical Analysis. 1986.
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