Table of contents:
Introduction; Part I. General Issues: 1. Macroeconomic policy design and control theory - a failed partnership; 2. International policy coordination - a survey; 3. The European road to monetary union; Part II. Theory and Methodology: 4. The design of feedback rules in linear stochastic rational expectations models; 5. Credibility and time consistency in a stochastic world; 6. Should rules be simple?; 7. Macroeconomic policy design using large econometric rational expectations models; Part III. Fiscal and Monetary Policy in Interdependent Economies: 8. Macroeconomic policy design in an interdependent world; 9. Does international policy coordination pay and is it sustainable?; 10. International cooperation and reputation in an empirical two bloc model; 11. Fiscal policy coordination, inflation and reputation in a natural rate world; 12. Simple rules and international policy coordination; 13. Evaluating the extended target zone proposal for the G3.
This book is concerned with the formulation of macroeconomic policy in an international context, emphasising the role of government credibility in determining the effectiveness of intervention, and the possible gains from international cooperation.
Examines the design and conduct of macroeconomic policy in an international context.
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