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Copublished with the Brookings Institution, Washington D.C. and the Centre for Economic Policy Research, London, and edited by Ralph Bryant, David Currie, Jacob A. Frenkel, Paul Masson, and Richard Portes, this volume considers economic interdependence among well developed countries as well as between them and the developing regions of the world.
Over the past few decades, a clear trend has emerged worldwide toward the devolution of spending and, to a lesser extent, revenue-raising responsibilities to state and local levels of government. One view is that the decentralization of spending responsibilities can entail substantial gains in terms of distributed equity and macroeconomic management. The papers in this volume, edited by Teresa Ter-Minassian, examine the validity of these views in light of theoretical considerations, as well as the experience of a number of countries.
Introduction DONALD P. MORGAN -- IMPLEMENTING MONETARY POLICY IN A CHANGING WORLD Monetary Policy in the 1990s: Lessons and Challenges CHARLES FREEDMAN Commentary LYLE E. GRAMLEY -- Changing Effects of Monetary Policy on Real Economic Activity BENJAMIN M. FRIEDMAN Commentary RALPH C. BRYANT -- Policy Targets and Operating Procedures in the 1990s DONALD L. KOHN, IAN J. MCFARLANE, YOSHIO SUZU Europe 1992: Some Monetary Policy Issues ROBIN LEIGH-PEMBERTON -- THE INTERNATIONAL DIMENSION OF MONETARY POLICYInternational Dimensions of Monetary Policy: Coordination Versus Autonomy JACOB A. FRENKEL, MORRIS GOLDSTEIN, PAUL R. MASSON Commentary ROBERT SOLOMON Commentary JOHN WILLIAMSON -- The Dollar in the 1990s: Competitiveness and the Challenges of New Economic Blocs RUDIGER DORNBUSCH Commentary JEFFREY A. FRANKEL Commentary ALEXANDER K. SWOBODA -- OVERVIEW - CENTRAL BANK PERSPECTIVES JOHN W. CROW LEONHARD GLESKE ALAN GREENSPAN.
This two-volume set reprints 28 papers on fiscal and monetary policy interpreted broadly enough to include such issues as the effects of government debt and intergenerational accounting. The publication is divided into three parts: the first deals with the problems that are common to both fiscal and monetary policies; the second deals with fiscal policy and the third with monetary policy.
Reconsiders the current account in the context of integrated world capital markets. The case of the UK receives particular emphasis with financing and competitiveness issues fully appraised.
This volume focuses on the crucial relationships between domestic and international economic developments and on their implications for monetary, fiscal, and exchange rate policies. The volume includes Richard N.Cooper on challenges to the international monetary system, Hali Edison and Michael Melvin on the choice of an exchange rate system, Gottfried Haberler on international and European monetary systems, Alan C.Stockman on exchange rates and the current account, Guido Tabellini on export of an inflation tax; and Thomas D.Willett and Clas Wihlborg on international capital flows and the dollar. It is a companion volume to Monetary Policy for a Changing Financial Environment.
This book presents a notable group of macroeconomists who describe the unprecedented events and often extraordinary policies put in place to limit the economic damage suffered during the Great Recession and then to put the economy back on track. Contributers include Barry Eichengreen; Gary Burtless; Donald Kohn; Laurence Ball, J. Bradford DeLong, and Lawrence H. Summers; and Kathryn M.E. Dominguez.
This study describes the Mark III version of MULTIMOD, the IMF's multi region macroeconomic model. Mark III version of MULTIMOD differs from its predecessor in several important respects. New features include a core steady-state analogue model, a new model of teh inflation-unemployment nexus, and extended non-Ricardian specification of consumption-saving behavior, and improved specifications and estimates of investment behavior and international trade equations. In addition, the introduction of a new solution algorithm has greatly increased the robustness, speed of convergence, and accuracy of the simulations.
The European Community is negotiating a new treaty to establish the constitutional foundations of an economic and monetary union in the course of the 1990s. This study provides the only comprehensive guide to the economic implications of economic and monetary union. The work of an economist inside the Commission of the European Community, it reflects the considerations influencing the design of the union. The study creates a unique bridge between the insights of modern economic analysis and the work of the policy makers preparing for economic and monetary union.