Suchergebnisse

Intro -- Preface -- Contents -- 1. Introduction -- 2. Short-Run Equilibrium -- 3. Long-Run Equilibrium -- 3.1. Long-Run Equilibrium -- 3.2. Process of Adjustment -- 3.3. Simulation -- 3.4. Public Consumption in Utility Function -- 4. Process of Adjustment -- 4.1. Short-Run Equilibrium -- 4.2. Medium-Run Equilibrium -- 4.3. Long-Run Equilibrium -- 4.4. Process of Adjustment -- 4.5. AD-AS Diagram -- 5. Investment Shock and Cyclical Adjustment -- 5.1. Economy Without Public Sector -- 5.1.1. Overlapping Generations Model -- 5.1.2. Multiplier-Accelerator Model -- 5.1.3. Simulation -- 5.2. Economy With Public Sector -- 5.2.1. Overlapping Generations Model -- 5.2.2. Multiplier-Accelerator Model -- 5.2.3. Simulation -- 5.3. Economy With Fiscal Policy -- 5.3.1. Overlapping Generations Model -- 5.3.2. Multiplier-Accelerator Model -- 5.3.3. Simulation -- 5.4. Alternative Paths -- 5.4.1. Stability -- 5.4.2. Damped Oscillations -- 5.4.3. Explosive Oscillations -- 6. Investment Shock, Public Interest and Cyclical Adjustment -- 6.1. Economy With Public Sector -- 6.1.1. Overlapping Generations Model -- 6.1.2. Multiplier-Accelerator Model -- 6.1.3. Simulation -- 6.2. Economy With Fiscal Policy -- 6.2.1. Overlapping Generations Model -- 6.2.2. Multiplier-Accelerator Model -- 6.2.3. Simulation -- 6.2.4. Restoring Stability -- 6.3. Stability -- 7. Extensions -- 7.1. The Concept of Full Employment -- 7.2. Investment Shock -- 7.2.1. Money Finance of Budget Deficit -- 7.2.2. Investment Subsidy -- 7.2.3. Monetary Policy -- 7.3. Monetary Shock -- 7.3.1. Process of Adjustment -- 7.3.2. Fiscal Policy -- 7.3.3. Monetary Policy -- 7.4. Growing Economy -- 7.4.1. Fiscal Policy -- 7.4.2. Optimum Fiscal Policy -- 8. Conclusion -- 9. Result -- List of Symbols -- References -- Index.

This book studies the dynamics of monetary and fiscal interactions in the Euro Area. The policy makers are the European Central Bank and national governments. The primary target of the ECB is low inflation. And the primary target of a national government is low unemployment. However, there is a short-run trade-off between low inflation and low unemployment. Here the main focus is on sequential policy decisions. Another focus is on simultaneous and independent policy decisions. And a third focus is on policy cooperation. There are demand shocks, supply shocks, and mixed shocks. There are country-specific shocks and common shocks. The key question is: Given a shock, what are the dynamic characteristics of the resulting process?

This book studies the coexistence of inflation and unemployment in a monetary union. The focus is on how to reduce the associated loss. The primary target of the European central bank is low inflation in Europe. The primary target of the German government is low unemployment in Germany. And the primary target of the French government is low unemployment in France. The European central bank has a quadratic loss function. The same applies to the German government and the French government. The key questions are: To what extent can the sequential process of monetary and fiscal decisions reduce the loss caused by inflation and unemployment? Is monetary and fiscal cooperation superior to the sequential process of monetary and fiscal decisions?

Studies the interactions between monetary and wage policies in the euro area. This book discusses the process of policy competition and the structure of policy cooperation. It also features numerical simulations of policy competition and numerical solutions to policy cooperation

This paper studies the interactions between monetary and fiscal policies in the euro area. It carefully discusses the process of policy competition and the structure of policy cooperation. As to policy competition, the focus is on competition between the European central bank, the American central bank, the German government, and the French government. As to policy cooperation, the focus is on the same institutions. These are higher-dimensional issues. The policy targets are price stability and full employment. Special features of this paper are numerical simulations of policy competition and numerical solutions to policy cooperation.

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. TOC:Part One. The World of Two Monetary Regions: Basic Models.- Part Two. The World of Two Monetary Regions: Intermediate Models.- Part Three. The World of Two Monetary Regions: Advanced Models.- Part Four. The World of Three Monetary Regions.- Part Five. The World of N Monetary Regions.- Part Six. Rational Policy Expectations

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.