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This volume contains the proceedings of a September 1987 conference organised by the Centre for Economic Policy Research and the International Economics Study Group. The contributors in this volume explore the North–South macroeconomic interactions. The volume will interest those involved in policy debates concerning international debt, the global consequences of macroeconomic policy choices in the North, commodity markets and the economic policies of the less developed countries. It will also form a valuable addition to undergraduate and postgraduate reading lists in trade, finance, international macroeconomics and the economics of developing countries.

In this book David Currie and Paul Levine address a broad range of issues concerning the design and conduct of macroeconomic policy in open economies. Adopting neo-Keynesian models for which monetary and fiscal policy have short-term real effects, they analyse active stabilisation policies in both a single- and multi-country context. Questions addressed include: the merits of simple policy rules, policy design in the face of uncertainty and international policy coordination. A central feature of the book is the treatment of credibility and the effect of a policy-maker's reputation for sticking to announced policies. These considerations are integrated with coordination issues to produce a unique synthesis. The volume develops optimal control methods and dynamic game theory to handle relationships between governments and a conscious rational private sector and produces a unified, coherent approach to the subject. This book will be of interest to students and teachers of open economy mac

In this book David Currie and Paul Levine address a broad range of issues concerning the design and conduct of macroeconomic policy in open economies. Adopting neo-Keynesian models for which monetary and fiscal policy have short-term real effects, they analyse active stabilisation policies in both a single- and multi-country context. Questions addressed include: the merits of simple policy rules, policy design in the face of uncertainty and international policy coordination. A central feature of the book is the treatment of credibility and the effect of a policy-maker's reputation for sticking to announced policies. These considerations are integrated with coordination issues to produce a unique synthesis. The volume develops optimal control methods and dynamic game theory to handle relationships between governments and a conscious rational private sector and produces a unified, coherent approach to the subject. This book will be of interest to students and teachers of open economy mac

This volume contains the proceedings of a September 1987 conference organised by the Centre for Economic Policy Research and the International Economics Study Group. The contributors in this volume explore the North–South macroeconomic interactions. The volume will interest those involved in policy debates concerning international debt, the global consequences of macroeconomic policy choices in the North, commodity markets and the economic policies of the less developed countries. It will also form a valuable addition to undergraduate and postgraduate reading lists in trade, finance, international macroeconomics and the economics of developing countries.