| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w8765 |
| 来源ID | Working Paper 8765 |
| The Need for International Policy Coordination: What's Old, What's New, What's Yet to Come? | |
| Matthew B. Canzoneri; Robert E. Cumby; Behzad T. Diba | |
| 发表日期 | 2002-02-07 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | Fifty years ago, the Chicago School argued that flexible exchange rates would insulate employment from foreign economic disturbances: there is no need for policy coordination; flexible exchange rates suffice. Twenty five years later, the Bretton Woods system was gone, and the first generation of policy coordination models was introduced. Chicago School arguments not withstanding, these Old-Keynesian models provided a theoretical rational for policy coordination. Now, a new generation of policy coordination models is emerging. These New-Keynesian models incorporate optimizing households, monopolistic competition and nominal inertia. Here, we examine macroeconomic interdependence and the scope for policy coordination in a tractable second generation model that has received much recent attention. We relate our discussion to the old Chicago School arguments, to earlier analyses of first generation models, to recent empirical work on productivity, and to recent theoretical work on closed economy models. We conclude that second generation models may have more scope for policy coordination than did the first, and we identify the empirical work that is needed to give a serious answer to the question. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Monetary Policy |
| URL | https://www.nber.org/papers/w8765 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/566372 |
| 推荐引用方式 GB/T 7714 | Matthew B. Canzoneri,Robert E. Cumby,Behzad T. Diba. The Need for International Policy Coordination: What's Old, What's New, What's Yet to Come?. 2002. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w8765.pdf（135KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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