Publisher Summary This chapter focuses on institutions and policy coordination. A large
portion of international macroeconomics deals with the international transmission of national …

The creation of the European Monetary Union (EMU) has given a new impulse to research
on the interactions between monetary and fiscal policies. The key considerations in this …

It is widely argued that Europe's unified monetary policy calls for international coordination
at the fiscal level. We survey the issues involved with such coordination of fiscal policy as a …

The'Stability Pact'agreed at the Dublin Summit in December 1996 and concluded at the
Amsterdam European Council in June 1997 prescribes sanctions for countries that breach …

The book has many merits, and represents an important contribution to the controversial
topic of European fiscal policy. I appreciated in particular the high quality and rigor of the …

The combination of discretionary monetary policy, labor-market distortions, and nominal
wage rigidity yields excessive inflation as monetary policy tries to exploit nominal wage …

Europe's Economic and Monetary Union (EMU) is unlike any other case of monetary
unification in history. Here, sovereign countries retain a large degree of fiscal autonomy …

This paper reviews the arguments for and against the “Stability and Growth Pact.” We find
the theoretical debate to be inconclusive, as both externality and credibility arguments can …

This paper surveys the literature that uses two-country models to analyze monetary and
fiscal policy issues faced in interdependent economies. We discuss sources of structural …

The following paper analyze the problem of fiscal and monetary coordination in selected CIS-
countries and compare it with the institutional structure in the EMU. To enhance the literature …