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Global implications of monetary and fiscal policy rules in the EMU

Haber, Gottfried; Neck, Reinhard; McKibbin, Warwick

Description

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]

dc.contributor.authorHaber, Gottfried
dc.contributor.authorNeck, Reinhard
dc.contributor.authorMcKibbin, Warwick
dc.date.accessioned2015-12-13T22:20:03Z
dc.identifier.issn0923-7992
dc.identifier.urihttp://hdl.handle.net/1885/72152
dc.description.abstractIn 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 discretionary policies.
dc.publisherKluwer Academic Publishers
dc.sourceOpen Economies Review
dc.subjectKeywords: European Monetary Union; fiscal policy; monetary policy; policy strategy; Europe Cooperation; Dynamic games; European Economic and Monetary Union; European integration; Fiscal policy; Monetary policy; Rules
dc.titleGlobal implications of monetary and fiscal policy rules in the EMU
dc.typeJournal article
local.description.notesImported from ARIES
local.description.refereedYes
local.identifier.citationvolume13
dc.date.issued2002
local.identifier.absfor140210 - International Economics and International Finance
local.identifier.ariespublicationMigratedxPub3085
local.type.statusPublished Version
local.contributor.affiliationHaber, Gottfried, University of Klagenfurt
local.contributor.affiliationNeck, Reinhard, University of Klagenfurt
local.contributor.affiliationMcKibbin, Warwick, College of Asia and the Pacific, ANU
local.description.embargo2037-12-31
local.bibliographicCitation.issue4
local.bibliographicCitation.startpage363
local.bibliographicCitation.lastpage379
local.identifier.doi10.1023/A:1020665430322
dc.date.updated2015-12-11T07:52:49Z
local.identifier.scopusID2-s2.0-0036812384
CollectionsANU Research Publications

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