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2 edition of Optimal stabilisation policies in interdependent economies found in the catalog.

Optimal stabilisation policies in interdependent economies

Paul Michael Turner

Optimal stabilisation policies in interdependent economies

a game theoretic approach

by Paul Michael Turner

  • 321 Want to read
  • 24 Currently reading

Published by typescript in [s.l.] .
Written in English


Edition Notes

Thesis (Ph.D.) - University of Warwick, 1985.

StatementPaul Michael Turner.
ID Numbers
Open LibraryOL13862781M

Carlin and Soskice () advocate a 3-equation model of stabilization policy to replace the conventional IS-LM-AS model. One of their new equations is a monetary reaction rule MR derived by.   Hirschman's book was an argument for limiting the sovereign power of states to control their own commercial policies. It is hard to see how the possibility that governments might trade economic subsidies for political influence could be made the basis for an argument that their sovereignty should be limited.

Policy Decentralization and Exchange Rate Management in Interdependent Economies Willem H. Buiter, Jonathan Eaton. NBER Working Paper No. (Also Reprint No. r) Issued in August NBER Program(s):International Trade and Investment, International Finance and Macroeconomics. "Policy and Performance Interdependence Between Debtor LDCs and Industrialized Countries," Brookings Papers on Economic Activity, 2, "Employment and Growth in Europe: A Two-Handed Approach," (with O. Blanchard, , H. Giersch, R. Layard and M. Monti), Center for European Policy Studies, CEPS Papers,

Get this from a library! International dimensions of optimal monetary policy. [Giancarlo Corsetti; Paolo A Pesenti; National Bureau of Economic Research.] -- Abstract: This paper provides a baseline general-equilibrium model of optimal monetary policy among interdependent economies, with monopolistic firms that set prices one period in advance. This paper examines the optimal response of monetary and fiscal policy to a decline in aggregate demand. The theoretical framework is a two-period general equilibrium model in which prices are.


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Optimal stabilisation policies in interdependent economies by Paul Michael Turner Download PDF EPUB FB2

Downloadable (with restrictions). This chapter studies optimal monetary stabilization policy in interdependent open economies, by proposing a unified analytical framework systematizing the existing literature.

In the model, the combination of complete exchange-rate pass-through ('producer currency pricing') and frictionless asset markets ensuring efficient risk sharing, results in a form of.

This thesis examines the inefficiencies which arise from decentralised policy making in an interdependent world economy.

Policy making is modelled as a non-cooperative, non-zero sum game between economies. Each economy is assumed to have a loss function defined on relevant macroeconomic variables. The constraints facing any particular economy are determined by the joint Author: Paul Turner. In a world of interdependent economies, rational policy makers in one country must condition their actions on the policies to be expected in other countries and expect others to do the same.

Policy selection inevitably acquires the form of a dynamic by: 5. Optimal stabilisation policies in interdependent economies: a game theoretic approach Author: Turner, Paul ISNI: A simple macro- economic model of an interdependent world economy is used to demonstrate this analytically.

This is followed by numerical simulations of a more general : Paul Turner. Optimal Policies for Interdependent Economies TABLE 2 Objective Function Evaluations for the EEC under various policy rules; (a) (b) (a) \ USA EEC \ v SM CE RA GM (b) \ USA SM CE RA GM SM CE Cited by: 3.

Optimal policy design in interdependent economies. Quantitative economic policy and econometrics were developed along with macroeconomics in the s. Econometric techniques and models are still being used extensively in the business of forecasting and policy advice.

policy simulations with econometric models have become standard tools. Ch. Economic Interdependence 7. Other areas of interdependence National economic policy in the modern economy goes well beyond macroeconomic stabilization and growth; it tries to inform and protect consumers and investors, to encourage specific forms of investment, to provide public goods and services, and to redistribute income.

Stabilization policy is a government strategy intended to encourage steady economic growth, even price levels, and optimal employment numbers. Book Description The analysis of a macroeconomic models using dynamic stochastic systems and fuzzy controllers to produce optimal stabilization policies to regulate the economy under uncertainty.

This paper develops strategic monetary policies using a standard two-country macro model under flexible exchange rates. The equilibria considered include feedback Nash and feedback Stackelberg, both of which are compared to the Pareto optimal cooperative equilibrium.

The optimal policies are obtained as feedback rules in which real money supplies are adjusted to movements in the real exchange. in interdependent economies have been explored by a number of. authors. Aoki () provides a discussion of optimal stabilisation policies. a two-country, multi—period context.

Purchase Handbook of Monetary Economics, Volume 3B - 1st Edition. Print Book & E-Book. ISBNA macroeconomic model can be analyzed in an economic regulation framework, by using stochastic optimal control techniques [Holbrook, ; Chow, ; Turnovsky, ; Pitchford & Turnovsky, ; Hall & Henry, ].This regulator concept is more suitable when uncertainty is involved [Leland, ; Bertsekas, ].A macroeconomic model generally consists in difference or differential.

Since the Plaza Accord, economic interdependence among the Asian economies has been deepening on the back of rising intra-regional trade and investment, while their dependence on the United States has fallen sharply.

Based on these emerging trends, this book explores the possibility of forming a yen bloc in the Asia-Pacific region. Optimal Monetary Policy in Open Economies. In Handbook of Monetary Economics, ed. by M. Woodford and B. Friedman, | With Corsetti and Dedola abstract (+) This chapter studies optimal monetary stabilization policy in interdependent open economies, by proposing a unified analytical framework systematizing the existing literature.

International Dimensions of Optimal Monetary Policy Giancarlo Corsetti, Paolo Pesenti. NBER Working Paper No. Issued in April NBER Program(s):International Finance and Macroeconomics This paper provides a baseline general-equilibrium model of optimal monetary policy among interdependent economies, with monopolistic firms that set prices one period in advance.

Pascal Salin (born ) is a French economist, professor emeritus at the Université Paris-Dauphine and a specialist in public finance and monetary economics. He is a former president of the Mont Pelerin Society ( to ). tary stabilization policy and optimal state-contingent tax policy is treated in another chapter of the Handbook, by Canzoneri et al.

While the “special” case in which lump-sum taxation is possible might seem of little practical interest, I believe that an understanding of the principles of optimal monetary stabilization policy in.

III.A NEW APPROACH TO THE THEORY OF ECONOMIC POLICY 13 A. Basic Structure of Economic Policy Problems 13 B. Intertemporal Efficiency and the Principle of Optimality 17 C.

The Existence of an Optimal Policy 23 D. Methods of Finding the Optimal Policy 31 1» Some useful transformations 32 2, fontryagin's maximum principle 37 3. FISCAL MANAGEMENT AND STABILIZATION POLICY IN FEDERAL SYSTEMS: THE EXPERIENCE OF ARGENTINA AND MEXICO Bradford G.

Reid [ From the book, Fiscal Relations in Four Countries: Four Essays, Paul Boothe, ed. Ottawa: Forum of Federations, ] PART 1: FISCAL MANAGEMENT Prudent fiscal management requires a clear delineation between the long-run and.

American Economic Review,63, (3), View citations (4) See also Working Paper () Optimal macroeconomic policy adjustment under conditions of risk Journal of Economic Theory,4, (1), View citations (8) Books Monetary Policy in Interdependent Economies: A Game-Theoretic Approach, vol 1.Get this from a library!

Monetary Policies in Interdependent Economies with Stochastic Disturbances: a Strategic Approach. [Vasco D'Orey; Stephen J Turnovsky; National Bureau of Economic Research.;] -- This paper analyzes strategic monetary policies using a standard two country stochastic macro model.

Three noncooperative equilibria, namely Cournot, Stackelberg, and Consistent Conjectural.Part 5 Strategic aspects of policy making: monetary policies in interdependent economies with stochastic disturbances - a strategic approach; dynamic strategic monetary policies and coordination in interdependent economics; the gains from fiscal cooperation in the two-country real trade model.