search query: @indexterm INTERNATIONAL CO-OPERATION / total: 240
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| Author: | Frankel, J. A. Rockett, K. E. |
| Title: | International macroeconomic policy coordination when policymakers do not agree on the true model. (!Monetary coordination) |
| Journal: | American Economic Review
1988 : JUN, VOL. 78:3, p. 318-340 |
| Index terms: | MACROECONOMIC MODELS ECONOMIC POLICY INTERNATIONAL CO-OPERATION |
| Language: | eng |
| Abstract: | Macroeconomic models used by policymakers are discussed. The general background of the topic is outlined, literature is reviewed. A simple game is analyzed where the US and Europe must decide how to set their money supplies so as to come as close as possible to their desired levels of two target variables: income and the current account. The policy of the central banks is examined. Ten models in the Brookings' simulation are used to illustrate the points. Government expenditure is included. The econometric models represent US and non-US beliefs. Conclusions are summarized: monetary coordination improves US welfare only in certain cases. |
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