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International Monetary Policy Coordination: Tests of a Nominal Targeting Proposal

In: Economic, Industrial and Managerial Coordination between Japan and the USA

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  • Donald L. Hooks

Abstract

Since the collapse of the Bretton Woods fixed exchange rate regime, there have been numerous proposals for a return to some form of international macroeconomic policy coordination. Most of these proposals have been in response to specific shocks to the world economy, such as the energy price increases in 1973 and 1979 and the recessions that followed these shocks. Other calls for increased coordination have been in response to the perceived adverse effects on world trade and on domestic economies of a regime of fluctuating exchange rates. More recently, the adverse effects on its trading partners of the growth of the US fiscal and trade deficits have prompted efforts to coordinate exchange rate, fiscal, and monetary policies among these partners, particularly between the US and Japan.

Suggested Citation

  • Donald L. Hooks, 1992. "International Monetary Policy Coordination: Tests of a Nominal Targeting Proposal," Palgrave Macmillan Books, in: Kiyoshi Abe & William Gunther & Harold See (ed.), Economic, Industrial and Managerial Coordination between Japan and the USA, chapter 4, pages 113-151, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-22445-6_5
    DOI: 10.1007/978-1-349-22445-6_5
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