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Model Uncertainty. Learning, and the Gains from Coordination

1988-12-27 Business & Economics
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Release : 1988-12-27
Genre : Business & Economics
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Book Rating : 148/5 ( reviews)

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Book Synopsis Model Uncertainty. Learning, and the Gains from Coordination by : International Monetary Fund

Download or read book Model Uncertainty. Learning, and the Gains from Coordination written by International Monetary Fund. This book was released on 1988-12-27. Available in PDF, EPUB and Kindle. Book excerpt: The paper considers gains from international economic policy coordination when there is uncertainty concerning the functioning of the world economy, but also learning about the “true” model on the part of policymakers. The paper reports estimates of plausible alternative versions of a standard, two-country model. Activist policy (either coordinated or uncoordinated) may produce large welfare losses in the absence of learning, if policymakers believe in the wrong model; hence exogenous money targets and freely flexible exchange rates may be best. However, model learning (from observations on macroeconomic variables) causes coordinated policies to dominate activist uncoordinated policies or exogenous money targets.

Model Uncertainty, Learning, and the Gains from Coordination

1988
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Release : 1988
Genre :
Kind : eBook
Book Rating : /5 ( reviews)

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Book Synopsis Model Uncertainty, Learning, and the Gains from Coordination by : Paul R. Masson

Download or read book Model Uncertainty, Learning, and the Gains from Coordination written by Paul R. Masson. This book was released on 1988. Available in PDF, EPUB and Kindle. Book excerpt:

Understanding Interdependence

2021-06-08 Business & Economics
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Release : 2021-06-08
Genre : Business & Economics
Kind : eBook
Book Rating : 133/5 ( reviews)

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Book Synopsis Understanding Interdependence by : Peter B. Kenen

Download or read book Understanding Interdependence written by Peter B. Kenen. This book was released on 2021-06-08. Available in PDF, EPUB and Kindle. Book excerpt: Drawing together new papers by some of today's leading figures in international economics and finance, Understanding Interdependence surveys the current state of knowledge on the international monetary system and, by implication, defines the research horizon for the future. Covering topics including the behavior of exchange rates, the choice of exchange-rate regime, current-account adjustment in classical and Keynesian models, the extent and effects of capital mobility, international debt, the stabilization and reform of the formerly planned economies, European monetary union, and international policy coordination, the book underscores the importance of these subjects and identifies lessons for policymakers. The contributors to the volume are Michael Bruno, Ralph C. Bryant, Richard N. Cooper, Michael P. Dooley, Barry Eichengreen, Stanley Fischer, Charles A. E. Goodhart, Peter Hooper, Peter B. Kenen, Paul R. Krugman, Henri Lorie, Jaime Marquez, Ronald I. McKinnon, Michael Mussa, Maurice Obstfeld, John Odling-Smee, Assaf Razin, Dani Rodrik, Mark P. Taylor, and John Williamson.

Currencies, Crises, Fiscal Policy, and Coordination

2011 Business & Economics
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Release : 2011
Genre : Business & Economics
Kind : eBook
Book Rating : 15X/5 ( reviews)

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Book Synopsis Currencies, Crises, Fiscal Policy, and Coordination by : Paul R. Masson

Download or read book Currencies, Crises, Fiscal Policy, and Coordination written by Paul R. Masson. This book was released on 2011. Available in PDF, EPUB and Kindle. Book excerpt: This volume provides an integrated compilation of selected major articles published by the author in several fields of international finance. These include contributions to the understanding of currency crises and financial contagion, the evolution of exchange rate regimes, the interaction between national fiscal policies and regional monetary unions, and the effect of uncertainty on the gains from international economic policy coordination. The author spent most of his career doing research at established institutions (the Bank of Canada, OECD, and IMF), and these articles emerged from the need to understand the major economic policy issues of the day. In the book's introduction, the author discusses the motivation for these contributions and the unifying themes that emerged, while a concluding chapter provides his personal reflections and suggestions about promising avenues for further research.

An Open Economy Macroeconomics Reader

2002 Business & Economics
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Release : 2002
Genre : Business & Economics
Kind : eBook
Book Rating : 314/5 ( reviews)

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Book Synopsis An Open Economy Macroeconomics Reader by : Mehmet Ugur

Download or read book An Open Economy Macroeconomics Reader written by Mehmet Ugur. This book was released on 2002. Available in PDF, EPUB and Kindle. Book excerpt: This book draws together the seminal contributions to the literature on the nature of macroeconomics in open economies and illuminates the material. This is an essential guide to the subject for students.

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