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This book studies the interactions between monetary and wage 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 labour union, and the French labour union. 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. The policy makers follow cold-turkey or gradualist strategies. The policy decisions are taken sequentially or simultaneously. Monetary and wage policies have spillover effects. Special features of this book are numerical simulations of policy competition and numerical solutions to policy cooperation. .
Monetary policy --- Wages --- Euro area. --- Competition, International. --- International competition --- World economics --- International relations --- International trade --- War --- Euro area --- Euro zone --- Monetary unions --- Compensation --- Departmental salaries --- Earnings --- Pay --- Remuneration --- Salaries --- Wage-fund --- Wage rates --- Working class --- Income --- Labor costs --- Compensation management --- Cost and standard of living --- Prices --- Economic aspects --- Macroeconomics. --- International economics. --- Labor economics. --- Macroeconomics/Monetary Economics//Financial Economics. --- International Economics. --- Labor Economics. --- Economics --- Economic policy, Foreign --- Economic relations, Foreign --- Economics, International --- Foreign economic policy --- Foreign economic relations --- Interdependence of nations --- International economic policy --- International economics --- New international economic order --- Economic policy --- Economic sanctions --- Competition, International --- Eurozone --- 332.494 --- 333.846.3 --- EEC / European Union - EU -Europese Unie - Union Européenne - UE --- Verband tussen de geld-, bank- en kredietpolitiek en de lonen
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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?
Monetary unions. --- Inflation (Finance) --- Unemployment. --- Fiscal policy. --- Monetary policy. --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Joblessness --- Employment (Economic theory) --- Full employment policies --- Labor supply --- Manpower policy --- Right to labor --- Underemployment --- Finance --- Natural rate of unemployment --- Tax policy --- Taxation --- Finance, Public --- Common currencies --- Currency areas --- Currency unions --- Optimum currency areas --- Currency question --- Money --- Government policy --- Macroeconomics. --- Labor economics. --- International economics. --- Macroeconomics/Monetary Economics//Financial Economics. --- Labor Economics. --- International Economics. --- Economic policy, Foreign --- Economic relations, Foreign --- Economics, International --- Foreign economic policy --- Foreign economic relations --- Interdependence of nations --- International economic policy --- International economics --- New international economic order --- International relations --- Economic sanctions --- Economics
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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.
International economic relations. --- Monetary policy. --- Fiscal policy. --- Monetary unions. --- Europe --- United States --- Foreign economic relations --- Common currencies --- Currency areas --- Currency unions --- Optimum currency areas --- Currency question --- Money --- Tax policy --- Taxation --- Economic policy --- Finance, Public --- Monetary management --- Currency boards --- Money supply --- Economic policy, Foreign --- Economic relations, Foreign --- Economics, International --- Foreign economic policy --- Interdependence of nations --- International economic policy --- International economics --- New international economic order --- International relations --- Economic sanctions --- Government policy --- International economics. --- Macroeconomics. --- International Economics. --- Macroeconomics/Monetary Economics//Financial Economics. --- Economics
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This book studies the strategic policy interactions in a monetary union. The leading protagonists are the European Central Bank and national governments. The target of the ECB is low inflation in Europe. The targets of a national government are low unemployment and a low structural deficit. There are demand shocks, supply shocks, and mixed shocks. There are country-specific shocks and common shocks. This book develops a series of basic, intermediate, and more advanced models. Here the focus is on the Nash equilibrium. The key questions are: Given a shock, can policy interactions reduce the existing loss? And to what extent can they do so? Another topical issue is policy cooperation. To illustrate all of this there are a lot of numerical examples. .
Monetary policy -- European Union countries. --- Monetary policy. --- Monetary unions -- European Union countries. --- Monetary unions. --- International Finance --- Money --- Finance --- Business & Economics --- Monetary unions --- -Monetary policy --- -Deficit financing --- -332.4566094 --- Compensatory spending --- Deficit spending --- Financing, Deficit --- Budget deficits --- Debts, Public --- Finance, Public --- Full employment policies --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Common currencies --- Currency areas --- Currency unions --- Optimum currency areas --- Currency question --- Electronic information resources --- European Central Bank --- ECB --- Banque centrale européenne --- BCE --- Banco Central Europeo --- Banca centrale europea --- Europäische Zentralbank --- Európska centrálna banka --- Electronic information resources. --- E-books --- Monetary policy --- Macroeconomics. --- International economics. --- Economic policy. --- Economics. --- Macroeconomics/Monetary Economics//Financial Economics. --- Economic Policy. --- International Economics. --- Economic policy, Foreign --- Economic relations, Foreign --- Economics, International --- Foreign economic policy --- Foreign economic relations --- Interdependence of nations --- International economic policy --- International economics --- New international economic order --- International relations --- Economic sanctions --- Economic nationalism --- Economic planning --- National planning --- State planning --- Economics --- Planning --- National security --- Social policy
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This book studies the strategic interactions between monetary and fiscal policies in the world economy. The world economy consists of two regions, say Europe and America. The policy makers are the central banks and the governments. The policy targets are low inflation, low unemployment, and low structural deficits. There are demand shocks, supply shocks, and mixed shocks. There are regional shocks and common shocks. This book develops a series of basic, intermediate, and more advanced models. Here the focus is on the Nash equilibrium. The key questions are: Given a shock, can policy interactions reduce the existing loss? And to what extent can they do so? Another topical issue is policy cooperation. To illustrate all of this there are a lot of numerical examples.
Monetary policy -- Europe, Central. --- Monetary policy -- Europe, Eastern. --- Monetary policy --- Fiscal policy --- Globalization --- International economic relations --- Business & Economics --- Finance --- Economic Theory --- Money --- Economic aspects --- Monetary policy. --- Fiscal policy. --- Tax policy --- Taxation --- Monetary management --- Government policy --- Macroeconomics. --- International economics. --- Economic policy. --- Economics. --- Macroeconomics/Monetary Economics//Financial Economics. --- International Economics. --- Economic Policy. --- Economic policy --- Finance, Public --- Currency boards --- Money supply --- Economic nationalism --- Economic planning --- National planning --- State planning --- Economics --- Planning --- National security --- Social policy --- Economic policy, Foreign --- Economic relations, Foreign --- Economics, International --- Foreign economic policy --- Foreign economic relations --- Interdependence of nations --- International economic policy --- International economics --- New international economic order --- International relations --- Economic sanctions --- Etats-Unis d'Amérique. --- Amerika. --- Europa.
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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?
Economics. --- International economics. --- Labor economics. --- Macroeconomics. --- Monetary unions --- Monetary policy --- Business & Economics --- Finance --- Economic Theory --- International Finance --- Money. --- Monetary unions. --- Common currencies --- Currency areas --- Currency unions --- Optimum currency areas --- Currency --- Monetary question --- Money, Primitive --- Specie --- Standard of value --- Macroeconomics/Monetary Economics//Financial Economics. --- International Economics. --- Labor Economics. --- Currency question --- Money --- Exchange --- Value --- Banks and banking --- Coinage --- Gold --- Silver --- Silver question --- Wealth --- Economics --- Economic policy, Foreign --- Economic relations, Foreign --- Economics, International --- Foreign economic policy --- Foreign economic relations --- Interdependence of nations --- International economic policy --- International economics --- New international economic order --- Economic policy --- International relations --- Economic sanctions --- Europäische Union.
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This book studies unemployment and inflation in economic crises, first considering the scenario of a demand shock in Europe. In that case, monetary and fiscal interaction would cause widespread oscillations in European unemployment and European inflation. And what is more, there would be equally far-reaching fluctuations in the European money supply and European government purchases. These monetary and fiscal interactions would have no effects on the American economy. Second, it examines the scenario of a supply shock in Europe, in which monetary and fiscal interactions would have no effects on European unemployment or European inflation; there would also be an explosion of European government purchases and an implosion of the European money supply. Monetary and fiscal interactions would produce uniform oscillations in American unemployment and American inflation. Lastly, we would also see an implosion of both the American money supply and American government purchases.
Economic policy. --- Economics. --- Financial crises. --- International economics. --- Labor economics. --- Business & Economics --- Economic Theory --- Unemployment --- Effect of inflation on. --- Economic nationalism --- Economic planning --- National planning --- State planning --- Inflation (Finance) and unemployment --- Stagflation --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Macroeconomics. --- Macroeconomics/Monetary Economics//Financial Economics. --- International Economics. --- Labor Economics. --- Economics --- Planning --- National security --- Social policy --- Inflation (Finance) --- Stagnation (Economics) --- Crises --- Economic policy, Foreign --- Economic relations, Foreign --- Economics, International --- Foreign economic policy --- Foreign economic relations --- Interdependence of nations --- International economic policy --- International economics --- New international economic order --- Economic policy --- International relations --- Economic sanctions
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This book studies the interactions between monetary and fiscal poUcies 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 pohcy targets are price stability and full employment. The policy makers follow co- turkey or gradualist strategies. The policy decisions are taken sequentially or simultaneously. Monetary and fiscal policies have spillover effects. Special features of this book are numerical simulations of policy competition and numerical solutions to policy cooperation. 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. Other parts were presented at the International Conference on Macroeconomic Analysis, 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.
Monetary policy --- Fiscal policy --- Euro area. --- Euro area --- Euro zone --- Monetary unions --- Macroeconomics. --- Public finance. --- International economics. --- Macroeconomics/Monetary Economics//Financial Economics. --- Public Economics. --- International Economics. --- Economic policy, Foreign --- Economic relations, Foreign --- Economics, International --- Foreign economic policy --- Foreign economic relations --- Interdependence of nations --- International economic policy --- International economics --- New international economic order --- Economic policy --- International relations --- Economic sanctions --- Cameralistics --- Public finance --- Currency question --- Economics --- Public finances
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This book, unlike other books, provides readers with a practical yet sophisticated grasp of the macroeconomic principles necessary to understand a monetary union. By definition, a monetary union is a group of countries that share a common currency. The most important case in point is the Euro area. Policy makers are the central bank, national governments, and national labour unions. Policy targets are price stability and full employment. Policy makers follow cold-turkey or gradualist strategies. Policy decisions are taken sequentially or simultaneously. The countries can differ in size or behaviour. Policy expectations are adaptive or rational. To illustrate all of this there are numerical simulations of monetary policy, fiscal policy, and wage policy. .
Macroeconomics. --- International economics. --- Labor economics. --- Macroeconomics/Monetary Economics//Financial Economics. --- International Economics. --- Labor Economics. --- Economics --- Economic policy, Foreign --- Economic relations, Foreign --- Economics, International --- Foreign economic policy --- Foreign economic relations --- Interdependence of nations --- International economic policy --- International economics --- New international economic order --- Economic policy --- International relations --- Economic sanctions
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Macroeconomics --- Monetary policy --- -Monetary unions --- -Monetary policy --- -Macroeconomics --- Economic and Monetary Union --- Economic and Monetary Union.
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