Strategic Policy Interactions in a Monetary Union (eBook)

Michael Carlberg (Autor)

eBook Download: PDF

2009 | 2009
XVI, 256 Seiten
Springer Berlin (Verlag)
978-3-540-92751-8 (ISBN)

Infos

This book studies the strategic policy interactions in a monetary union. The leading protagonists are the European Central Bank and national governments. The target of the ECB is low inflation in Europe. The targets of a national government are low unemployment and a low structural deficit. There are demand shocks, supply shocks, and mixed shocks. There are country-specific shocks and common shocks. This book develops a series of basic, intermediate, and more advanced models. Here the focus is on the Nash equilibrium. The key questions are: Given a shock, can policy interactions reduce the existing loss? And to what extent can they do so? Another topical issue is policy cooperation. To illustrate all of this there are a lot of numerical examples. The present book is part of a larger research project on European Monetary Union, see the references given at the back of the book. Some parts of this project were presented at the World Congress of the International Economic Association, at the International Conference on Macroeconomic Analysis, at the International Institute of Public Finance, and at the International Atlantic Economic Conference. Other parts were presented at the Macro Study Group of the German Economic Association, at the Annual Meeting of the Austrian Economic Association, at the Göttingen Workshop on International Economics, at the Halle Workshop on Monetary Economics, at the Research Seminar on Macroeconomics in Freiburg, at the Research Seminar on Economics in Kassel, and at the Passau Workshop on International Economics.

Inhalt

Preface 5
Executive Summary 7
Contents in Brief 9
Contents 11
Introduction 17
Part One The Monetary Union as a WholeAbsence of a Deficit Target 29
Chapter 1 Monetary Policy A 30
Chapter 2 Monetary Policy B 35
Chapter 3 Fiscal Policy A 42
Chapter 4 Fiscal Policy B 47
Chapter 5 Interaction between Central Bank and Government 52
Chapter 6 Cooperation between Central Bank and Government 58
Chapter 7 Interaction between Central Bank and Government: A Special Case 65
Part Two The Monetary Union as a Whole Presence of a Deficit Target 71
Chapter 1 Fiscal Policy A 72
Chapter 2 Fiscal Policy B 78
Chapter 3 Interaction between Central Bank and Government A 83
Chapter 4 Interaction between Central Bank and Government B 90
Chapter 5 Interaction between Central Bank and Government C 96
Chapter 6 Cooperation between Central Bank and Government 103
Part Three The Monetary Union of Two Countries Absence of a Deficit Target 108
Chapter 1 Monetary Policy in Europe A 109
Chapter 2 Monetary Policy in Europe B 118
Chapter 3 Fiscal Policy in Germany A 126
Chapter 4 Fiscal Policy in Germany B 131
Chapter 5 Interaction between European Central Bank, German Government, and French Government 136
Chapter 6 Cooperation between European Central Bank, German Government, and French Government 144
Part Four The Monetary Union of Two Countries Presence of a Deficit Target 153
Chapter 1 Fiscal Policy in Germany A 154
Chapter 2 Fiscal Policy in Germany B 160
Chapter 3 Interaction between European Central Bank, German Government, and French Government A 165
Chapter 4 Interaction between European Central Bank, German Government, and French Government B 180
Chapter 5 Interaction between European Central Bank, German Government, and French Government C 192
Chapter 6 Cooperation between European Central Bank, German Government, and French Government 204
Synopsis 214
Conclusion 216
Result 238
Symbols 243
The Current Research Project 244
References 248
Index 260

Produkt-Details

• Erscheint lt. Verlag: 10.3.2009
• Zusatzinfo: XVI, 256 p.
• Verlagsort: Berlin
• Sprache: englisch
• Themenwelt: Sozialwissenschaften ► Politik / Verwaltung
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management ► Unternehmensführung / Management
• Themenwelt: Wirtschaft ► Volkswirtschaftslehre
• Schlagworte: EU • European Monetary Union • Fiscal Policy • Inflation • Macroeconomics • monetary policy • Monetary Union • Policy Cooperation • Strategic Interactions • Unemployment
• ISBN-10: 3-540-92751-4 / 3540927514
• ISBN-13: 978-3-540-92751-8 / 9783540927518