Economic Policy Coordination: Proceedings of an International Seminar Held in Hamburg, Page 75
International policy coordination is considered crucial for globally balanced economic growth. In this book, practitioners and experts give their views on economic policy problems currently facing major industrial countries and the scope for international coordination of economic policies and the methods by which it may be achieved.
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Summary and Conclusions
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adjustment balance baseline Bonn Summit Branson budget central banks Chart current account deficit deutsche mark developing differential discretionary discussion dollar depreciation domestic demand dynamics economic policy coordination endogenous equation expectations exports external Federal Republic fiscal contraction fiscal policy foreign Frenkel fundamentals model Germany Group of Seven growth rate important incomes policy increase International Coordination International Monetary Fund international policy coordination issues Japan long-run equilibrium macroeconomic Macroeconomic Policy Coordination major countries major industrial countries Masson ment monetary and fiscal monetary policy MULTIMOD nominal exchange rate objectives OECD output Panel paper percent of GNP Polak policy instruments policymakers price level real depreciation real effective exchange real exchange rate real interest rates reduce reference scenario regime relative price Republic of Germany result risk premium role rules simulations stability surplus countries target zone tion trade two-country U.S. current account U.S. dollar variables world economy
Page 15 - The rule is, jam to-morrow and jam yesterday — but never jam to-day." "It must come sometimes to 'jam today,' " Alice objected. "No, it can't,