It is well-known that if international linkages are relatively small, the potential gains to
international monetary policy coordination are typically quite limited. But when goods and …

This study analyzes a two-country dynamic general equilibrium model with nominal
rigidities, monopolistic competition and producer currency pricing. A quadratic …

Abstract Within a simple New Keynesian model emphasizing forward-looking behavior of
private agents, I evaluate optimal nominal income growth targeting versus optimal inflation …

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 …

This paper constructs various models of the EMU and ECB when member countries have
different objectives. Voting in pursuit of national interest can yield moderate and stable …

The paper surveys political macroeconomics, covering its development from Rogoff's
conservative central banker to the most recent discussions of monetary policy and …

We examine the impact of the monetary policy on regional output gaps across 33
Indonesian provinces. Heterogeneous regional responses of the output gap to monetary …

In recent years, many countries have instituted monetary reforms aimed at improving anti-
inflation credibility. Is it a problem, however, that international welfare spillover effects …

L'objectif d'inflation et de dépenses publiques est fixé à 0 pour alléger l'écriture, sans perte
significative de généralité (contrairement à k, il n'est pas essentiel que les objectifs …

We study the desirability of reforming fiscal institutions along with the delegation of monetary
policy to an independent central bank. The model provides a rationale for discipline …