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Macroeconomic Instability And Coordination
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Book Synopsis Macroeconomic Instability and Coordination by : Axel Leijonhufvud
Download or read book Macroeconomic Instability and Coordination written by Axel Leijonhufvud and published by Edward Elgar Publishing. This book was released on 2000 with total page 400 pages. Available in PDF, EPUB and Kindle. Book excerpt: Axel Leijonhufvud has made a unique contribution to the development of macroeconomic theory. This volume draws together his insightful essays dealing with the extremes of economic instability: great depressions, high inflation and the transition from socialism to a market economy. In several of the papers, Leijonhufvud brings a neo-institutionalist perspective to the problems of coordination in economic systems. The papers within Macroeconomic Instability and Coordination some of them already considered classics, deal with the questions that dominated Leijonhufvud's interest throughout his career as an economist: what are the limits to an economy's capacity to coordinate the activities of its members? How does the behavior of the system change under extreme conditions? In what ways does its performance depend upon the institutions that govern the market process?
Book Synopsis Modeling Economic Instability by : Michaël Assous
Download or read book Modeling Economic Instability written by Michaël Assous and published by Springer Nature. This book was released on 2022-01-31 with total page 253 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers a fresh perspective on the early history of macroeconomics, by examining the macro-dynamic models developed from the late 1920s to the late 1940s, and their treatment of economic instability. It first explores the differences and similarities between the early mathematical business cycle models developed by Ragnar Frisch, Michal Kalecki, Jan Tinbergen and others, which were presented at meetings of the Econometric Society and discussed in private correspondence. By doing so, it demonstrates the diversity of models representing economic phenomena and especially economic crises and instability. Jan Tinbergen emerged as one of the most original and pivotal economists of this period, before becoming a leader of the macro-econometric movement, a role for which he is better known. His emphasis on economic policy was later mirrored in the United States in Paul Samuelson’s early work on business cycles analysis, which, drawing on Alvin Hansen, aimed at interpreting the 1937-1938 recession. The authors then show that the subsequent shift in Samuelson's approach, from the study of business cycle trajectories to the comparison of equilibrium points, provided a response to the econometricians' critique of early Keynesian models. In the early 1940s, Samuelson was able to link together the tools that had been developed by the econometricians and the economic content that was at the heart of the so-called Keynesian revolution. The problem then shifted from business cycle trajectories to the disequilibrium between economic aggregates, and the issues raised by the global stability of full employment equilibrium. This was addressed by Oskar Lange, who presented an analysis of market coordination failures, and Lawrence Klein, Samuelson's first PhD student, who pursued empirical work in this direction. The book highlights the various visions and approaches that were embedded in these macro-dynamic models, and that their originality is of interest to today's model builders as well as to students and anyone interested in how new economic ideas come to be developed.
Book Synopsis Intertemporal Coordination Failure and Monetary Policy by : Ronny Mazzocchi
Download or read book Intertemporal Coordination Failure and Monetary Policy written by Ronny Mazzocchi and published by . This book was released on 2014 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: The turn of century long period of sustained growth with low and stable inflation let the economic profession and the public opinion to think that the right theoretical foundation for macroeconomic policy had been found. However the Great Crisis of 2008 indicates a spectacular failure of this framework in dealing with sources of macroeconomic instability and providing policy advise. Financial instability is the new challenge for monetary policy. Most of the recent research indicates that financial crises follow prolonged unwinding of investment-saving imbalances which are not contemplated by the standard theoretical framework. This paper draws a dynamic model where investment- saving imbalances are allowed to develop. It introduces different types of feedback interest-rate rules in order to provide some preliminary indications for the conduct of monetary policy.
Book Synopsis Macroeconomic Policy Coordination in EMU by : Theresa Petra Hauck
Download or read book Macroeconomic Policy Coordination in EMU written by Theresa Petra Hauck and published by GRIN Verlag. This book was released on 2016-09-14 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bachelor Thesis from the year 2016 in the subject Economics - Macro-economics, general, grade: 1,0, University of Bamberg, language: English, abstract: The financial crisis and the subsequent European sovereign debt crisis have highlighted the high degree of interdependence among EMU member states. The crisis period made much more clear that a macroeconomic policy coordination framework is indispensable as there is great sensibility and high risk for contagion effects. The structure of EMU in its highest level of integration as of one monetary authority vis-à-vis many fiscal authorities brings about several specific aspects regarding coordination. In order to achieve and ensure economic stability in such a unique constellation there have been established several measures and frameworks with the Stability and Growth Pact as the centre point. Designed on the grounds of and motivated by the objective of stabilising the overall economy, the pact promotes fiscal discipline through limiting government deficits and debts in order to prevent adverse fiscal spillover effects and freeriding behaviour of national fiscal authorities which could risk price and overall macroeconomic stability of the common currency area. This however brings about limitations for governments to discretionarily react to national economic needs and conditions. This bachelor thesis addresses the resulting tension between a theoretical and fundamental need for macroeconomic policy coordination in a monetary union environment and the politico-economic reality. The main goals are: to examine the main arguments in favour and against the pact under the areas of content, objectives and enforcement design; to highlight the resulting trade-offs; and to link these to developments and reforms of the pact but also to different economic contexts, namely the time period before and the time period during and after the crisis. The main finding is that reforms regarding macroeconomic policy coordination which were introduced after the beginning of the crisis period do not represent a rearrangement of the SGP framework and rather address the same debate on economic trade-offs only with a changed set of conditions. The reforms regarding the pact can be described as developments refocusing on the core of the pact while still shifting it in the directions of some propositions along with criticism which had been expressed long before the crisis period.
Book Synopsis International Coordination of Economic Policies by : International Monetary Fund
Download or read book International Coordination of Economic Policies written by International Monetary Fund and published by International Monetary Fund. This book was released on 1988-06-29 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses the scope, methods, and effects of international coordination of economic policies. In analyzing the scope for and of coordination, the paper addresses the rationale for coordination, barriers to coordination, the range and specificivity of policies to be coordinated, and the frequency of coordination. In evaluating the methods of coordination, the emphasis is on the broad issues of rules versus discretion, single-indicator versus multi-Indicator systems, and hegemonic versus symmetric systems. Finally, using the MULTIMOD global macroeconomic model, some simulations are presented of several rule-based proposals for coordination.
Book Synopsis International Policy Coordination and Exchange Rate Fluctuations by : William H. Branson
Download or read book International Policy Coordination and Exchange Rate Fluctuations written by William H. Branson and published by University of Chicago Press. This book was released on 2007-12-01 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the five largest industrial democracies concluded the Plaza Agreement in 1985, the theory and practice of international economic policy coordination has become the subject of spirited academic and public-policy debate. While some view policy coordination as crucial for the construction of an improved international monetary system, others fear that it risks delaying or weakening the implementation of macroeconomic and structural policies. In these papers and comments, prominent international economists consider past and present interpretations of the meaning of international policy coordination; conditions necessary for coordination to be beneficial both to the direct participants and the global economy; influential factors for the quantitative impact of coordination; obstacles to coordination; the most—and least—effective methods of coordination; and future directions of the coordination process, including processes associated with greater fixity of exchange rates. These studies will be readily accessible to policymakers, while offering sophisticated analyses to interested scholars of the global economy.
Book Synopsis International Macroeconomic Policy Coordination by : Group of Thirty
Download or read book International Macroeconomic Policy Coordination written by Group of Thirty and published by . This book was released on 1988 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis International Economic Policy Coordination by : Michael Carlberg
Download or read book International Economic Policy Coordination written by Michael Carlberg and published by Springer Science & Business Media. This book was released on 2005-03-04 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book studies the international coordination of monetary and fiscal policies in the world economy. It carefully discusses the process of policy competition and the structure of policy cooperation. As to policy competition, the focus is on monetary and fiscal competition between Europe and America. Similarly, as to policy cooperation, the focus is on monetary and fiscal cooperation between Europe and America. The spillover effects of monetary policy are negative while the spillover effects of fiscal policy are positive. The policy targets are price stability and full employment. The policy makers follow either cold-turkey or gradualist strategies. Policy expectations are adaptive or rational. The world economy consists of two, three or more regions. The present book is part of a larger research project on European Monetary Union, see the references at the back of the book. Some parts of this project were presented at the World Congress of the International Economic Association in Lisbon. Other parts were presented at the International Institute of Public Finance, at the Macro Study Group of the German Economic Association, at the Annual Meeting of the Austrian Economic Association, at the Gottingen Workshop on International Economics, at the Halle Workshop on Monetary Economics, at the Research Seminar on Macroeconomics in Freiburg, and at the Passau Workshop on International Economics.
Book Synopsis Fiscal and Monetary Policy Coordination, Macroeconomic Stability, and Sovereign Risk by : Dennis Bonam
Download or read book Fiscal and Monetary Policy Coordination, Macroeconomic Stability, and Sovereign Risk written by Dennis Bonam and published by . This book was released on 2014 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: In standard macroeconomic models, debt sustainability and price level determinacy are achieved when fiscal policy avoids explosive debt and monetary policy controls inflation, irrespective of the relative strengths of each policy stance. We examine how these policy requirements for equilibrium stability and determinacy change in the presence of sovereign risk. An increase in sovereign risk reduces lender's willingness to hold government debt and raises consumption and inflation. Therefore, inflation and debt dynamics are determined jointly. To ensure stable macroeconomic conditions, both the fiscal and monetary stance must shift to offset debt sustainability concerns. We find that the adoption of a deficit target helps alleviate such concerns and raises the scope for macroeconomic stability.
Book Synopsis Information and Coordination by : Axel Leijonhufvud
Download or read book Information and Coordination written by Axel Leijonhufvud and published by Oxford University Press, USA. This book was released on 1981 with total page 408 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Coordination of Monetary and Fiscal Policies by : International Monetary Fund
Download or read book Coordination of Monetary and Fiscal Policies written by International Monetary Fund and published by International Monetary Fund. This book was released on 1998-03-01 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recently, monetary authorities have increasingly focused on implementing policies to ensure price stability and strengthen central bank independence. Simultaneously, in the fiscal area, market development has allowed public debt managers to focus more on cost minimization. This “divorce” of monetary and debt management functions in no way lessens the need for effective coordination of monetary and fiscal policy if overall economic performance is to be optimized and maintained in the long term. This paper analyzes these issues based on a review of the relevant literature and of country experiences from an institutional and operational perspective.
Book Synopsis Fiscal Adjustment in EU Countries by : Mr.Kenji Moriyama
Download or read book Fiscal Adjustment in EU Countries written by Mr.Kenji Moriyama and published by International Monetary Fund. This book was released on 2004-08-01 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: Several European Union countries have recently implemented or are envisaging fiscal that operations improve budgetary figures but have no structural impact on government finances. This paper evaluates some of these measures using a balance sheet approach. In particular, it examines the degree to which reductions in government debt in EU countries has been accompanied by a decumulation of government assets. In the run-up to Maastricht (1997) it finds a strong correlation between changes in government liabilities and government assets, and larger declines in government assets in countries starting from higher public debt levels.
Book Synopsis Macroeconomic Paradigms and Economic Policy by : Nicola Acocella
Download or read book Macroeconomic Paradigms and Economic Policy written by Nicola Acocella and published by Cambridge University Press. This book was released on 2016-05-31 with total page 355 pages. Available in PDF, EPUB and Kindle. Book excerpt: The recent financial crisis has demonstrated the dangers of ignoring the factors that led to previous crises, and the effectiveness of the policies designed to deal with them. Over time, these macroeconomic policies have evolved, oscillating between state intervention and a free-market approach. Following a story that runs from the pre-Great Depression era up until the Financial Crisis of 2007–11, this book reveals an intimate connection between new macroeconomic ideas and policies and the events in the real economy that inspired them. It does this in an accessible, easy-to-follow style, first by focusing on the developments of economic theories and policies, and then by concentrating on the design of domestic and international institutions and economic governance. Written by three leading experts on the history of economic policy, the book is ideal for graduates and undergraduates studying macroeconomics, monetary policy and the history of economic thought.
Book Synopsis Challenges for Global Macroeconomic Stability and the Role of the G7 by : Fabrizio Saccomanni
Download or read book Challenges for Global Macroeconomic Stability and the Role of the G7 written by Fabrizio Saccomanni and published by Edizioni Nuova Cultura. This book was released on 2017-05-18 with total page 206 pages. Available in PDF, EPUB and Kindle. Book excerpt: In view of the Italian Presidency of the Group of Seven (G7) in 2017, the Istituto Affari Internazionali (IAI) conducted a research project on “Major Challenges for Global Macroeconomic Stability and the Role of the G7” together with a major policy think tank in each of the other G7 member countries: Center for International Governance Innovation (CIGI, Canada); Centre d’Etudes Prospectives et d’Information Internationales (CEPII, France); Kiel Institute for the World Economy (IfW, Germany); Japan Institute for International Affairs (JIIA, Japan); Royal Institute for International Affairs (Chatham House, United Kingdom); Peterson Institute for International Economics (PIIE, United States).The project covered the following three subjects, representing major challenges for G7 policy-makers: macroeconomic policy coordination; international trade relations; global financial stability. Each participating think tank prepared a paper addressing all or some of the issues from the perspective of its own country, outlining areas of possible consensus for joint actions to be achieved within the Group and offering independent policy recommendations for the G7 deliberations. The seven papers have been presented at an international conference held in Rome on 27-28 March 2017 and have been discussed by a broad range of experts from academia and international institutions. The proceedings of the conference are presented in this volume. A broad consensus emerged from the T7 papers and the contributions of the discussants on the need to reduce policy uncertainty, preventing a resurgence of financial tensions in capital and foreign exchange markets. Boosting public investment in infrastructures and new technologies; defining a “better trade agenda” with adequate social protections and completing the financial regulatory reform were also indicated as top priorities for the G7.
Book Synopsis Development Strategies of Open Economies by : Frank S. T. Hsiao
Download or read book Development Strategies of Open Economies written by Frank S. T. Hsiao and published by World Scientific Publishing Company. This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Causality and exogeneity between exports and economic growth : the case of Asian NICs -- The chaotic attractor of foreign direct investment : why China? : a panel data analysis -- FDI, exports, and GDP in East and Southeast Asia : panel data versus time-series causality analyses -- FDI, exports, economic growth nexus in first and second generation ANIEs / co-authored with Yongkul Won -- The IT revolution and macroeconomic volatility in newly developed countries : on the real and financial linkages -- The impacts of the U.S. economy on the Asia-Pacific region : does it matter? / co-authored with Akio Yamashita -- Gains from policy coordination between Taiwan and the USA : on the games governments play -- International policy coordination with a dominant player : the case of the United States, Japan, Taiwan, and Korea.
Book Synopsis Economic Security: Neglected Dimension of National Security ? by : National Defense University (U S )
Download or read book Economic Security: Neglected Dimension of National Security ? written by National Defense University (U S ) and published by Government Printing Office. This book was released on 2011-12-27 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: On August 24-25, 2010, the National Defense University held a conference titled “Economic Security: Neglected Dimension of National Security?” to explore the economic element of national power. This special collection of selected papers from the conference represents the view of several keynote speakers and participants in six panel discussions. It explores the complexity surrounding this subject and examines the major elements that, interacting as a system, define the economic component of national security.
Book Synopsis Tax Policy, Leverage and Macroeconomic Stability by : International Monetary Fund. Fiscal Affairs Dept.
Download or read book Tax Policy, Leverage and Macroeconomic Stability written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2016-12-10 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: Risks to macroeconomic stability posed by excessive private leverage are significantly amplified by tax distortions. ‘Debt bias’ (tax provisions favoring finance by debt rather than equity) has increased leverage in both the household and corporate sectors, and is now widely recognized as a significant macroeconomic concern. This paper presents new evidence of the extent of debt bias, including estimates for banks and non-bank financial institutions both before and after the global financial crisis. It presents policy options to alleviate debt bias, and assesses their effectiveness. The paper finds that thin capitalization rules restricting interest deductibility have only partially been able to address debt bias, but that an allowance for corporate equity has generally proved effective. The paper concludes that debt bias should feature prominently in countries’ tax reform plans in the coming years.
