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© 2009

Strategic Policy Interactions in a Monetary Union

Book
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Table of contents

  1. Front Matter
    Pages 1-15
  2. The Monetary Union as a Whole:Absence of a Deficit Target

    1. Front Matter
      Pages 1-1
    2. Michael Carlberg
      Pages 1-12
    3. Michael Carlberg
      Pages 1-5
    4. Michael Carlberg
      Pages 1-7
    5. Michael Carlberg
      Pages 1-5
    6. Michael Carlberg
      Pages 1-5
  3. The Monetary Union as a Whole:Presence of a Deficit Target

    1. Front Matter
      Pages 1-1
    2. Michael Carlberg
      Pages 1-6
    3. Michael Carlberg
      Pages 1-5
  4. The Monetary Union of Two Countries:Absence of a Deficit Target.

    1. Front Matter
      Pages 1-1
    2. Michael Carlberg
      Pages 1-9
    3. Michael Carlberg
      Pages 1-8

About this book

Introduction

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.      

Keywords

EU European Monetary Union Fiscal Policy Inflation Macroeconomics Monetary Policy Monetary Union Policy Cooperation Strategic Interactions Unemployment

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