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Global implications of monetary and fiscal policy rules in the EMU

Haber, Gottfried; Neck, Reinhard; McKibbin, Warwick


In order to analyze successful strategies for economic policy in a global environment both international interdependencies and the strategic behavior of "global players" must be considered. We use a global model of the world economy (the MSG2 Model) to show the effects of dynamic policy optimization in the presence of various supply and demand shocks to different world regions. We show that fixed rules are generally superior for supply shocks, while demand shocks call for more active or...[Show more]

CollectionsANU Research Publications
Date published: 2002
Type: Journal article
Source: Open Economies Review
DOI: 10.1023/A:1020665430322


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