Monetary and Fiscal Policies in the Euro Area / by Michael Carlberg.

Springer eBooks

Basic Models of a Monetary Union -- The Small Monetary Union of Two Countries -- The World as a Whole -- The World of Two Monetary Regions -- The Large Monetary Union of Two Countries -- Monetary Interactions between Europe and America -- Monetary Competition between Europe and America -- Monetary Cooperation between Europe and America -- Fiscal Interactions between Germany and France -- Fiscal Competition between Germany and France -- Fiscal Cooperation between Germany and France -- Monetary and Fiscal Interactions Intermediate Models -- Competition between European Central Bank, German Government, and French Government -- Cooperation between European Central Bank, German Goverment, and French Government -- Competition between European Central Bank, American Central Bank, German Government, and French Government -- Cooperation between European Central Bank, American Central Bank, German Government, and French Government -- Monetary and Fiscal Interactions Advanced Models -- Cold-Turkey Policies: Simultaneous Decisions -- Gradualist Policies: Simultaneous Decisions -- Fast Monetary Competition and Slow Fiscal Competition -- Monetary Cooperation between Europe and America, Fiscal Competition between Germany and France -- Monetary Cooperation between Europe and America, Fiscal Cooperation between Germany and France -- Policy Cooperation within Europe, Policy Competition between Europe and America -- Rational Policy Expectations -- Monetary Competition between Europe and America -- Fiscal Competition between Germany and France -- Monetary and Fiscal Competition: Sequential Decisions -- Monetary and Fiscal Competition: Simultaneous Decisions -- Monetary Cooperation between Europe and America, Fiscal Competition between Germany and France -- Policy Cooperation within Europe, Policy Competition between Europe and America -- Synopsis -- Synopsis -- Conclusion -- Conclusion -- Result -- Result.

This book 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. The policy makers follow cold-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.

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