Staggered Wage Setting and the International Transmission of Policy Announcement Effects
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The international coordination of fiscal and monetary policy has recently been an important topic on the agenda of macroeconomic theorists and of policy makers. Initial theoretical work which relied on simple game-theoretic models suggested that large gains in welfare could be achieved from the explicit coordination of policy as opposed to devising optimal national stabilization policies while taking as given the actions of policy makers in other countries.
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