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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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Upon entry into the European Union, countries become members of the Economic and Monetary Union (EMU), with a derogation from adopting the euro as their currency (that is, each country joining the EU commits to replace its national currency with the euro, but can choose when to request permission to do so). For most of these countries, adopting the euro will entail major economic change. This paper examines likely economic developments and policy challenges for the five former transition countries in central Europe--the Czech Republic, Hungary, Poland, the Slovak Republic, and Slovenia--that joined the European Union in May 2004 and operate under independent monetary policies but have not yet achieved policy convergence with the rest of the euro area.

Euro --- -Monetary policy --- -cooperation economique --- euro --- europe centrale --- union europeenne --- zone euro --- EEU / Central & Eastern Europe --- 331.152 --- 334.151.25 --- 330.05 --- 332.4566094 --- Money --- Monetary management --- Economic policy --- Currency boards --- Money supply --- economische samenwerking --- centraal europa --- europese unie --- eurozone --- Geldwezen in de middeleeuwen. --- Rekeneenheid, gemeenschappelijke munt van de Europese Gemeenschappen. ECU. Euro. --- Economic and Monetary Union. --- EMU --- WWU --- Europäische Wirtschafts- und Währungsunion --- Unión Económica y Monetaria Europea --- Oikonomikē kai Nomismatikē Henōsē --- ONE --- European Monetary Union --- Talous- ja rahaliitto --- Unione monetaria --- Euroopan talous- ja rahaliitto --- Rahaliitto --- European Economic and Monetary Union --- UME --- Unione monetaria europea --- EWWU --- Unión Monetaria Europea --- Ekonomiska och monetära unionen --- Union monétaire européenne --- Union économique et monétaire européenne --- UEM --- Unia Gospodarcza i Walutowa --- Europe, Central --- -Central Europe --- Economic integration --- Working papers --- Taux de change --- Union économique et monétaire. --- Europe centrale --- Politique monetaire --- Intégration économique. --- Union économique et monétaire. --- Foreign exchange rates --- Monetary policy --- Monetary unions --- cooperation economique --- Common currencies --- Currency areas --- Currency unions --- Optimum currency areas --- Currency question --- Exchange rates --- Fixed exchange rates --- Flexible exchange rates --- Floating exchange rates --- Fluctuating exchange rates --- Foreign exchange --- Rates of exchange --- Geldwezen in de middeleeuwen --- Rekeneenheid, gemeenschappelijke munt van de Europese Gemeenschappen. ECU. Euro --- Rates --- Europe, Eastern --- Central Europe --- Economic integration. --- International finance --- European Union --- Eastern and Central Europe --- Politique monétaire --- Euro (Monnaie) --- Politique monétaire --- Unions monétaires --- Europe de l'Est --- Intégration économique --- Intégration économique. --- Euro - Europe, Central. --- Euro - Europe, Eastern. --- Foreign exchange rates - Europe, Central. --- Foreign exchange rates - Europe, Eastern. --- Monetary policy - Europe, Central. --- Monetary unions - Europe, Central. --- Monetary policy - Europe, Eastern. --- Politique monetaire - Europe centrale. --- Exports and Imports --- Foreign Exchange --- Inflation --- Macroeconomics --- Money and Monetary Policy --- Public Finance --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Financial Aspects of Economic Integration --- Price Level --- Deflation --- Fiscal Policy --- Debt --- Debt Management --- Sovereign Debt --- Currency --- Monetary economics --- International economics --- Public finance & taxation --- Credit --- Fiscal consolidation --- Prices --- Fiscal policy --- Real exchange rates --- Debts, Public --- Czech Republic