The analysis will be conducted within an IS-LM model augmen- ted by the dynamics of money wages, private capital and public debt. A macroeconomic shock induces an extended process of adjustment that is characterized by unemployment. This in turn requires a dynamic path of monetary and fiscal...

A comprehensive study of the international coordination of economic policy in a monetary union. It carefully discusses the process of policy competition and the structure of policy cooperation. As to policy competition, the focus is on competition between the union central bank, the German...

Some Basic Models -- Monetary Policy in Europe -- Fiscal Policy in Germany -- First the Central Bank Decides, then the Governments Decide -- First the Governments Decide, then the Central Bank Decides -- Central Bank and Governments Decide Simultaneously and Independently: Cold-Turkey Policies...

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....

The Closed Economy: Absence of a Deficit Target. -- Monetary Policy -- Fiscal Policy -- Monetary and Fiscal Interaction -- Monetary and Fiscal Cooperation -- The Closed Economy: Presence of a Deficit Target -- Fiscal Policy -- Monetary and Fiscal Interaction -- Monetary and Fiscal Cooperation --...

Monetary Interaction between Europe and America -- Monetary Cooperation between Europe and America -- Fiscal Interaction between Europe and America -- Fiscal Coopearation between Europe and America -- Monetary and Fiscal Interaction between Europe and America: Cold-Turkey Policies -- Monetary...

Studies the interactions between monetary and wage policies in the euro area. This book discusses the process of policy competition and the structure of policy cooperation. It also features numerical simulations of policy competition and numerical solutions to policy cooperation