Coordination without Explicit Cooperation: Monetary-Fiscal Interactions in an Era of Demographic Change - Andrew Hughes Hallett
Author(s): Andrew Hughes Hallett (George Mason University, University of St Andrews and CEPR)
Coordination without Explicit Cooperation: Monetary-Fiscal Interactions in an Era of Demographic Change - Andrew Hughes Hallett(596 kB)
Early work on the theory of economic policy stressed the importance of accounting for the interactions between fiscal and monetary policy. Tinbergen, and Cooper, taught us that there would be costs in missed targets, instability, and protracted imbalances if this was not done. Yet most models we use today treat fiscal or monetary policies as if they operated alone. This paper reviews the advantages of recognising those interactions.
JEL classification E52, E61, F42
(European Economy. Economic Papers 305. February 2008.
Brussels. 49pp. Tab. Graph. Bibliogr. )
|ISBN 978-92-79-08230-6 (online)||
|ISSN 1725-3187 (online)