International Economic Policy Coordination

This volume, first published in 1985 and based on a conference organised jointly by the Centre for Economic Policy Research and the National Bureau of Economic Research, examines developments in the study of international economic policy coordination. Eight papers were presented, and the meeting concluded with a panel discussion on the prospects for international policy coordination. In past years, there has been a revival of interest in the study of the international coordination of economic policy in the United States and Europe. This volume presents some of the best research on this important topic. The papers focus on several issues of importance in determining the desirability of international policy coordination: the nature of the transmission effects by which one country's policies affect another country; the trade-off between the current and future effects of policies, and the credibility of government policy when undertaken unilaterally or coordinated internationally.

List of tables; List of figures; Preface; List of contributors; Introduction Willem H. Buiter and Richard C. Marston; 1. On transmission and coordination under flexible exchange rates W. Max Corden; Comment Dale W. Henderson; Comment Georges De Menil; 2. Fiscal expenditures and international economic interdependence Jacob A. Frenkel and Assaf Razin; Comment Matthew B. Canzoneri; Comment David Vines; 3. The effects of American policies - a new classical interpretation Patrick Minford; 4. International policy coordination in historical perspective: a view from the interwar years Barry Eichengreen; 5. Policy coordination and dynamic games Marcus Miller and Mark Salmon; Comment Ralph C. Bryant; Comment Stephen J. Turnovsky; 6. Macroeconomic policy design in an interdependent world David Currie and Paul Levine; Comment David K. H. Begg; Comment Koichi Hamada; 7. International policy coordination in dynamic macroeconomic Gilles Oudiz and Jeffrey Sachs; Comment Jorge Braga de Macedo; Comment Kenneth Rogoff; 8. Policy cooperation and the EMS experience Tommaso Padoa Schioppa; Comment Michael J. Artis; Comment Jeffrey R. Shafer; 9. Panel discussion: the prospects for international economic policy coordination William H. Branson, Richard N. Cooper, Michael Emerson, Louka T. Katseli and Stephen Marris; Index.

In past years, there has been a revival of interest in the study of the international coordination of economic policy in the United States and Europe. These papers focus on several issues of importance in determining the desirability of international policy coordination including the nature of the transmission effects by which one country's policies affect another country.