Dynamic Modeling of Monetary and Fiscal Cooperation Among Nations [electronic resource] / by Joseph Plasmans, Jacob Engwerda, Bas van Aarle, Giovanni di Bartolomeo, Tomasz Michalak.
Series: Dynamic Modeling and Econometrics in Economics and Finance ; 8Publisher: Boston, MA : Springer US, 2006Description: XVI, 324 p. online resourceContent type:- text
- computer
- online resource
- 9780387279312
- Operations research
- Decision making
- Economic theory
- Macroeconomics
- European Economic Community literature
- Economics
- Economics
- European Integration
- Macroeconomics/Monetary Economics//Financial Economics
- Economic Systems
- Economic Theory/Quantitative Economics/Mathematical Methods
- Operation Research/Decision Theory
- 337.142 23
- HC241

International Policy Coordination -- Mathematical Background -- The Basic Symmetric Two-Country Model -- An MU Model with Active Monetary Policy -- Endogenous Coalition Formation Concepts -- A Multi-Country Closed-Economy MU Model -- Accession to a Monetary Union -- World-wide Regional Policy Coordination -- Concluding Remarks.
Dynamic Modeling of Monetary and Fiscal Cooperation Among Nations analyzes coordination of monetary and fiscal stabilization policies between countries and currency areas using a dynamic game approach. The first four chapters introduce the reader to the dynamics of fiscal and monetary policy cooperation. Issues covered include: fiscal coordination, fiscal stringency requirements, structural and bargaining power asymmetries and the design of monetary and fiscal policymaking in a monetary union. In the four last chapters multiple-player settings with aspects of fiscal and/or monetary coordination are analyzed using the endogenous coalition formation approach. The analysis is focused on shock and model asymmetries and issues of multi-country coordination in the presence of (possibly many) monetary unions.