This paper puts forward a proposal to help monetary policies confront the challenge of the "normalisation" of money creation and interest rates. The difficult unwinding of years of unorthodox policies put financial stability at risk in major monetary centres and in EMEs. The authors argue that...

This paper puts forward a proposal to help monetary policies confront the challenge of the “normalisation” of money creation and interest rates. The difficult unwinding of years of unorthodox policies put financial stability at risk in major monetary centres and in EMEs. The authors argue...

This paper surveys the current state of the literature on international monetary policy coordination. It relates recent policy discussions to the lessons from the literature. It proposes several avenues for future research

Using a four-country Mundell-Fleming model including portfolio and wealth effects, we explore the question whether some types of policy coordination could improve the outcomes of a financial shock like the Asian crisis. Time-consistent equilibria are computed: a Nash equilibrium, a target zone...

Monetary Issues: Monetary Unions: Between International Trade and National Sovereignty -- Why a Monetary Union?- Monetary Policy in a Monetary Union: Lessons from Simple Models -- Institutions and Monetary Policy -- Fiscal Issues: Government Deficits, Transfers and Debt -- Fiscal Policies in a...