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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 pdf - 582 KB [582 KB]

(European Economy. Economic Papers. 305. February 2008. Brussels. 49pp. Tab. Graph. Bibliogr. )
KC-AI-08-305-EN-C ISBN: 978-92-79-08230-6 ISSN: 1725-3187

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

Last update: 14/02/2011 | Top