UID:
edoccha_9958077832802883
Format:
1 online resource (23 p.)
ISBN:
1-5135-5455-7
,
1-5135-1034-7
Series Statement:
IMF Working Papers
Content:
This paper examines domestic policy cooperation, a curiously neglected issue. Both international and domestic cooperation were live issues in the 1970s when the IS/LM model predicted very different external outcomes from monetary and fiscal policies. Interest in domestic policy cooperation has since fallen on hard intellectual times—with knock-ons to international cooperation—as macroeconomic policy roles became highly compartmentalized. I first discuss the intellectual and policy making undercurrents behind this neglect, and explain why they are less relevant after the global crisis. This is followed by a discussion of: macroeconomic policy cooperation in a world of more fiscal activism; coordination across financial agencies and with macroeconomic policies; and how structural policies fit into this. The paper concludes with a proposal for a “grand bargain” across principle players to create a “new domestic cooperation.”.
Note:
Description based upon print version of record.
,
Cover; Abstract; I. INTRODUCTION; II. WHY DID INTEREST IN DOMESTIC POLICY COOPERATION WANE?; III. MACROECONOMIC POLICY COOPERATION IN AN AGE OF INDEPENDENT CENTRAL BANKS; IV. FINANCIAL POLICY COORDINATION IN AN AGE OF FINANCIAL INSTABILITY; V. STRUCTURAL POLICY COORDINATION IN AN AGE OF DIMINISHED EXPECTATIONS; VI. THE GRAND BARGAIN; References
Additional Edition:
ISBN 1-5135-8460-X
Additional Edition:
ISBN 1-5135-4754-2
Language:
English
