The need for international policy coordination: what's old, what's new, what's yet to come?

• 成果类型: Article
• 署名作者: Canzoneri, MB; Cumby, RE; Diba, BT
• 署名单位: Georgetown University
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/j.jinteco.2004.03.005
• 发表日期: 2005
• 页码: 363-384
• 关键词: policy coordination; monetary policy; Exchange rates; New open economy macroeconomics; new neoclassical synthesis

摘要

The first generation of policy coordination models was introduced some 25 years ago; it provided a rationale for policy coordination, but the gains from coordination were generally thought to be small. Now, a new generation of policy coordination models is emerging, incorporating monopolistic competition and nominal inertia. Here, we examine macroeconomic interdependence and the scope for policy coordination in a tractable second generation model with two countries and multiple sectors. Initial calibration of the model suggests that second generation models may have more scope for policy coordination than did the first. (c) 2004 Elsevier B.V. All rights reserved.