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Policy coordination under model disagreement and uncertainty

Hefeker, Carsten; Neugart, Michael - 2019

What are the incentives for governments to coordinate their policies internationally when there is model disagreement and uncertainty? We build a model where countries disagree on policy targets and how policies affect the economies, and show that uncertainty not only determines the type of...

Persistent link: https://www.econbiz.de/10011966668

Strategic interactions between fiscal and monetary authorities in a multi-country new-Keynesian model of a monetary union

Michalak, Tomasz; Engwerda, Jacob Christiaan; Plasmans, … - 2009

In this paper we consider a number of key issues related to the policy coordination in a monetary union that has been … shocks, fiscal coordination between all the countries is counter-productive within a monetary union. The clash between the …-Keynesian literature on policy coordination by considering not only cases of non-coordination, fiscal cooperation and the grand coalition …

Persistent link: https://www.econbiz.de/10003807838

Uniform and nonuniform staggering of wage contracts

Danziger, Leif - 2010

This paper provides a model that can account for the almost uniform staggering of wage contracts in some countries as well as for the markedly nonuniform staggering in others. In the model, short and long contracts as well as long contracts concluded in different periods are strategic...

Persistent link: https://www.econbiz.de/10003982016

Interpreting how others interpret it : social value of public information

Gizatulina, Alia - 2012 - This version: March 2012

-generating process. We show that the stronger is the coordination motive behind agents behaviour, the more they would like to interpret … and technical. -- central bank communication ; transparency ; common p-belief ; coordination game ; higher …

Persistent link: https://www.econbiz.de/10009522297

Optimally imprecise memory and biased forecasts

Silveira, Rava Azeredo da; Sung, Yeji; Woodford, Michael - 2020

complexity of memory measured using Shannon's mutual information, as in models of rational inattention; but our theory differs …

Persistent link: https://www.econbiz.de/10012316965

Monetary and fiscal policy interaction in the EMU : a dynamic game approach

Aarle, Bas van; Engwerda, Jacob Christiaan; Plasmans, … - 2001

The interaction of monetary and fiscal policies is a crucial issue in a highly integrated economic area as the European Union. We argue that EMU, which introduced a common monetary policy and restrictions on fiscal policy at the national level, increases the need for macroeconomic policy...

Persistent link: https://www.econbiz.de/10011398097

Nominal wage flexibility, wage indexation and monetary union

Calmfors, Lars; Johansson, Åsa - 2002

Membership in a monetary union implies stronger incentives for nominal wage flexibility in the form of wage indexation and shorter contract length than nonmembership. For example, entry into a monetary union may cause a move from a non-indexation to an indexation equilibrium. But more wage...

Persistent link: https://www.econbiz.de/10011410646

Monetary and fiscal policy design under EMU : a dynamic game approach

Aarle, Bas van; Engwerda, Jacob Christiaan; Plasmans, … - 2000

This paper analyzes the problem of designing macroeconomic stabilization policies within the European Monetary Union (EMU) as a dynamic game between a centralized monetary authority, the European Central Bank (ECB), and national fiscal policy makers. Non-cooperative feedback Nash equilibrium and...

Persistent link: https://www.econbiz.de/10009781533

Liquidity shortages and monetary policy

Cao, Jin (contributor); Illing, Gerhard (contributor) - 2008

Persistent link: https://www.econbiz.de/10003635213

Animal spirits and monetary policy

De Grauwe, Paul (contributor) - 2008

We develop a behavioral macroeconomic model in which agents use simple but biased rules to forecast future output and inflation. This model generates endogenous waves of optimism and pessimism ("Animal Spiritsʺ) that are generated by the correlation of biased beliefs. We contrast the dynamics...

Persistent link: https://www.econbiz.de/10003763301

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