Economic Policy Coordination: Proceedings of an International Seminar Held in Hamburg, Page 75
This volume, which presents the proceedings of a seminar moderated by Wilfred Guth in Hamburg, Germany, dicusses the extent of international policy coordination, its effectiveness, and how it can be expected to work in the future.
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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,