{"product_id":"policy-coordination-in-a-monetary-union-von-rita-bessone-basto","title":"Policy Coordination in a Monetary Union","description":"\u003cp\u003eThis book analyses the interaction of monetary and  fiscal policies in the Economic and Monetary Union  in order to determine whether any form of  cooperation between policymakers is welfare  enhancing and can be sustained. The strategic  relationship between policymakers in the EMU is  analysed within the framework of a general  equilibrium model with price rigidities. In this  model, fiscal policy is assumed to have positive  demand spillovers and the assumption of nominal  rigidities, together with that of rational  expectations, creates a problem of time- inconsistency involving the formulation of optimal  policy decisions. This analysis shows that the  coordination of fiscal policies among countries can  be counterproductive, in particular when  policymakers lack the credibility to pursue optimal  policies. The implications of uncertainty on the  strategic interaction of macroeconomic policies are  also examined. Uncertainty is modelled by  introducing the possibility of stochastic  productivity shocks. It is concluded that, under  some circumstances, uncertainty can make central banks more effective in the  implementation of monetary policy.\u003c\/p\u003e\u003cdiv class=\"aw-variant-hidden-subtitle-div\" id=\"aw-variant-subtitle-9783838369327\"\u003e\u003ch3\u003eThe interaction of fiscal and monetary policies in the Economic and Monetary Union\u003c\/h3\u003e\u003c\/div\u003e","brand":"Autorenwelt Shop","offers":[{"title":"Softcover - 9783838369327","offer_id":39498947002461,"sku":"9783838369327","price":68.0,"currency_code":"EUR","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0940\/0622\/files\/86fa8797-8628-45b3-9f50-27629490a275.jpg?v=1775626951","url":"https:\/\/shop.autorenwelt.de\/en\/products\/policy-coordination-in-a-monetary-union-von-rita-bessone-basto","provider":"Autorenwelt Shop","version":"1.0","type":"link"}