Rules, Reputation and Macroeconomic Policy Coordination - Hardcover

Currie, David; Levine, Paul

Hardcover

ISBN 10: 052144196X ISBN 13: 9780521441964

Publisher: Cambridge University Press, 1993

Synopsis

In this book David Currie and Paul Levine address a broad range of issues concerning the design and conduct of macroeconomic policy in open economies. Adopting neo-Keynesian models for which monetary and fiscal policy have short-term real effects, they analyse active stabilisation policies in both a single- and multi-country context. Questions addressed include: the merits of simple policy rules, policy design in the face of uncertainty and international policy coordination. A central feature of the book is the treatment of credibility and the effect of a policy-maker's reputation for sticking to announced policies. These considerations are integrated with coordination issues to produce a unique synthesis. The volume develops optimal control methods and dynamic game theory to handle relationships between governments and a conscious rational private sector and produces a unified, coherent approach to the subject. This book will be of interest to students and teachers of open economy macroeconomics and to professional economists interested in using macroeconomic models to design policy.

About this title

Book Description

In this book David Currie and Paul Levine address a broad range of issues concerning the design and conduct of macroeconomic policy in open economies. Adopting neo-Keynesian models for which monetary and fiscal policy have short-term real effects, they analyse active stabilisation policies in both a single- and multi-country context.

Edition details

• Publisher: Cambridge University Press
• Publication date: 1993
• Language: English
• ISBN 10: 052144196X
• ISBN 13: 9780521441964
• Binding: Hardcover
• Number of pages: 444