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  3. Rules, Reputation and Macroeconomic Policy Coordination
  • Cited by 95
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    • Publisher:
      Cambridge University Press
      Publication date:
      03 December 2009
      12 August 1993
      ISBN:
      9780511599170
      9780521441964
      9780521104609
      DOI:
      https://doi.org/10.1017/CBO9780511599170
      Dimensions:
      (234 x 158 mm)
      Weight & Pages:
      0.773kg, 444 Pages
      Dimensions:
      (229 x 152 mm)
      Weight & Pages:
      0.65kg, 444 Pages
      • Subjects:
      Economics, Economic Theory
    You may already have access via personal or institutional login
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    Subjects:
    Economics, Economic Theory
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    Book description

    In this book David Currie and Paul Levine address a broad range of issues concerning the design and conduct of macroeconomic policy in open economies. Adopting neo-Keynesian models for which monetary and fiscal policy have short-term real effects, they analyse active stabilisation policies in both a single- and multi-country context. Questions addressed include: the merits of simple policy rules, policy design in the face of uncertainty and international policy coordination. A central feature of the book is the treatment of credibility and the effect of a policy-maker's reputation for sticking to announced policies. These considerations are integrated with coordination issues to produce a unique synthesis. The volume develops optimal control methods and dynamic game theory to handle relationships between governments and a conscious rational private sector and produces a unified, coherent approach to the subject. This book will be of interest to students and teachers of open economy macroeconomics and to professional economists interested in using macroeconomic models to design policy.

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