Model Uncertainty. Learning, and the Gains from Coordination PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Model Uncertainty. Learning, and the Gains from Coordination PDF full book. Access full book title Model Uncertainty. Learning, and the Gains from Coordination by International Monetary Fund. Download full books in PDF and EPUB format.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1451943148
Category : Business & Economics
Languages : en
Pages : 38
Get Book Here
Book Description
The paper considers gains from international economic policy coordination when there is uncertainty concerning the functioning of the world economy, but also learning about the “true” model on the part of policymakers. The paper reports estimates of plausible alternative versions of a standard, two-country model. Activist policy (either coordinated or uncoordinated) may produce large welfare losses in the absence of learning, if policymakers believe in the wrong model; hence exogenous money targets and freely flexible exchange rates may be best. However, model learning (from observations on macroeconomic variables) causes coordinated policies to dominate activist uncoordinated policies or exogenous money targets.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1451943148
Category : Business & Economics
Languages : en
Pages : 38
Get Book Here
Book Description
The paper considers gains from international economic policy coordination when there is uncertainty concerning the functioning of the world economy, but also learning about the “true” model on the part of policymakers. The paper reports estimates of plausible alternative versions of a standard, two-country model. Activist policy (either coordinated or uncoordinated) may produce large welfare losses in the absence of learning, if policymakers believe in the wrong model; hence exogenous money targets and freely flexible exchange rates may be best. However, model learning (from observations on macroeconomic variables) causes coordinated policies to dominate activist uncoordinated policies or exogenous money targets.
Author: Atish R. Ghosh
Publisher:
ISBN:
Category :
Languages : en
Pages : 38
Get Book Here
Book Description
The paper considers gains from international economic policy coordination when there is uncertainty concerning the functioning of the world economy, but also learning about the quot;truequot; model on the part of policymakers. The paper reports estimates of plausible alternative versions of a standard, two-country model. Activist policy (either coordinated or uncoordinated) may produce large welfare losses in the absence of learning, if policymakers believe in the wrong model; hence exogenous money targets and freely flexible exchange rates may be best. However, model learning (from observations on macroeconomic variables) causes coordinated policies to dominate activist uncoordinated policies or exogenous money targets.
Author: Peter B. Kenen
Publisher: Princeton University Press
ISBN: 0691231133
Category : Business & Economics
Languages : en
Pages : 566
Get Book Here
Book Description
Drawing together new papers by some of today's leading figures in international economics and finance, Understanding Interdependence surveys the current state of knowledge on the international monetary system and, by implication, defines the research horizon for the future. Covering topics including the behavior of exchange rates, the choice of exchange-rate regime, current-account adjustment in classical and Keynesian models, the extent and effects of capital mobility, international debt, the stabilization and reform of the formerly planned economies, European monetary union, and international policy coordination, the book underscores the importance of these subjects and identifies lessons for policymakers. The contributors to the volume are Michael Bruno, Ralph C. Bryant, Richard N. Cooper, Michael P. Dooley, Barry Eichengreen, Stanley Fischer, Charles A. E. Goodhart, Peter Hooper, Peter B. Kenen, Paul R. Krugman, Henri Lorie, Jaime Marquez, Ronald I. McKinnon, Michael Mussa, Maurice Obstfeld, John Odling-Smee, Assaf Razin, Dani Rodrik, Mark P. Taylor, and John Williamson.
Author: Richard T. Froyen
Publisher: Edward Elgar Publishing
ISBN: 1784717193
Category : Mathematical optimization
Languages : en
Pages : 466
Get Book Here
Book Description
This book provides a thorough survey of the model-based literature on optimal monetary in a stochastic setting. The survey begins with the literature of the 1970s which focused on the information problem in policy design and extends to the New Keynesian approach of the 1990s which centered on evaluating alternative targeting strategies. New to the second edition is consideration of research since the world financial crisis on the role of financial markets and institutions in the conduct of monetary policy.
Author: Paul R. Masson
Publisher: World Scientific
ISBN: 981435015X
Category : Business & Economics
Languages : en
Pages : 355
Get Book Here
Book Description
This volume provides an integrated compilation of selected major articles published by the author in several fields of international finance. These include contributions to the understanding of currency crises and financial contagion, the evolution of exchange rate regimes, the interaction between national fiscal policies and regional monetary unions, and the effect of uncertainty on the gains from international economic policy coordination. The author spent most of his career doing research at established institutions (the Bank of Canada, OECD, and IMF), and these articles emerged from the need to understand the major economic policy issues of the day. In the book's introduction, the author discusses the motivation for these contributions and the unifying themes that emerged, while a concluding chapter provides his personal reflections and suggestions about promising avenues for further research.
Author: Mehmet Ugur
Publisher: Psychology Press
ISBN: 9780415253314
Category : Business & Economics
Languages : en
Pages : 568
Get Book Here
Book Description
This book draws together the seminal contributions to the literature on the nature of macroeconomics in open economies and illuminates the material. This is an essential guide to the subject for students.
Author: Michael Bleaney
Publisher: Routledge
ISBN: 113476149X
Category : Business & Economics
Languages : en
Pages : 710
Get Book Here
Book Description
This work provides a valuable review of the most important developments in economic theory and application over the last decade. Comprising twenty-seven specially commissioned overviews, the volume presents a comprehensive and student-friendly guide to contemporary economics. Previously published by Routledge as part of the Companion to Contemporary Economic Thought, these essays are made available here for the first time in a concise paperback edition. A Guide to Modern Economics will be a valuable guide to all those who wish to familiarize themselves with the most recent developments in the discipline.
Author: Mr.Jonathan David Ostry
Publisher: International Monetary Fund
ISBN: 1475525184
Category : Business & Economics
Languages : en
Pages : 31
Get Book Here
Book Description
In bilateral and multilateral surveillance, countries are often urged to consider alternative policies that would result in superior outcomes for the country itself and, perhaps serendipitously, for the world economy. While it is possible that policy makers in the country do not fully recognize the benefits of proposed alternative policies, it is also possible that the existing policies are the best that they can deliver, given their various constraints, including political. In order for the policy makers to be able and willing to implement the better policies some quid pro quo may be required—such as a favorable policy adjustment in the recipients of the spillovers; identifying such mutually beneficial trades is the essence of international policy coordination. We see four general guideposts in terms of the search for globally desirable solutions. First, all parties need to identify the nature of spillovers from their policies and be open to making adjustments to enhance net positive spillovers in exchange for commensurate benefits from others; but second, with countries transparent about the spillovers as they see them, an honest broker is likely to be needed to scrutinize the different positions, given the inherent biases at the country level. Third, given the need for policy agendas to be multilaterally consistent, special scrutiny is needed when policies exacerbate global imbalances and currency misalignments; and fourth, by the same token, special scrutiny is also needed when one country’s policies has a perceptible adverse impact on financial-stability risks elsewhere.
Author: David Vines
Publisher: Cambridge University Press
ISBN: 1139449753
Category : Business & Economics
Languages : en
Pages : 470
Get Book Here
Book Description
The IMF is the first economic institution in line to protect countries from the effects of financial crises and to insulate the world economy from possible systemic risk. However, many argue that the IMF is insufficiently equipped to do this job, while others argue almost the opposite: the IMF's well-intentioned actions induce other countries to take risks which increase their exposure from both universities and the multilateral agencies, combines rigourous economic analysis with insider perspectives on key policy debates. It analyses the Asian and Argentine financial crises of the late 1990s, issues of policy ownership, the more general quest for financial stability and governance of the IMF. It is an essential reference for anyone interested in the role of international financial institutions in our globalised economy.
Author: Hyung Jin Park
Publisher:
ISBN:
Category : Control theory
Languages : en
Pages : 384
Get Book Here
Book Description
