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Evaluating the Gains to Cooperation in the G-3 |
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| Authors: | Guglielmo Maria Caporale Michael Chui Stephen G Hall Brian Henry |
| Institution: | (1) South Bank University London, UK;(2) European Central Bank, Germany;(3) Imperial College Management School, UK;(4) Oxford University, UK |
| Abstract: | A model of the G-3 is introduced which has a transparent structure including a simple but analytically tractable supply side. New optimising techniques are used to conduct extensive policy experiments on this multicountry model (including full Nash solutions and a fully cooperative solution). In the case of a fiscal shock originating in theUS, we find evidence of significant spillovers to other countries, which can only be ameliorated in the fully cooperative regime. |
| Keywords: | International policy coordination supply side prices and wages policy rules solvency and inflation targets econometric modelling |
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