IDEAS home Printed from https://ideas.repec.org/p/nbr/nberwo/3747.html
   My bibliography  Save this paper

A Note on Internationally Coordinated Policy Packages Intended to be Robust Under Model Uncertainty

Author

Listed:
  • Jeffrey Frankel
  • Scott Erwin
  • Katharine Rockett

Abstract

Holtham and Hughes Hallett, and a number of other authors, have suggested that a printout of all 1,000 cases of coordination considered in Frankel and Rockett (1988) should be made available. They wish to check whether, if coordination is restricted to policy packages that they call 'strong' bargains, it would raise welfare a higher percentage of the time. We now make those results available. The results show that if coordination is restricted to packages that are robust with respect to model uncertainty, such as the so-called 'strong' bargains, it does indeed improve the odds in favor of gains from coordination.

Suggested Citation

  • Jeffrey Frankel & Scott Erwin & Katharine Rockett, 1991. "A Note on Internationally Coordinated Policy Packages Intended to be Robust Under Model Uncertainty," NBER Working Papers 3747, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:3747
    Note: ITI IFM
    as

    Download full text from publisher

    File URL: http://www.nber.org/papers/w3747.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Atish R. Ghosh & Paul R. Masson, 1988. "International Policy Coordination in a World with Model Uncertainty," IMF Staff Papers, Palgrave Macmillan, vol. 35(2), pages 230-258, June.
    2. William H. Branson & Jacob A. Frenkel & Morris Goldstein, 1990. "International Policy Coordination and Exchange Rate Fluctuations," NBER Books, National Bureau of Economic Research, Inc, number bran90-1, June.
    3. Gilles Oudiz & Jeffrey Sachs, 1984. "Macroeconomic Policy Coordination among the Industrial Economies," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 15(1), pages 1-76.
    4. Frankel, Jeffrey A & Rockett, Katharine E, 1988. "International Macroeconomic Policy Coordination When Policymakers Do Not Agree on the True Model," American Economic Review, American Economic Association, vol. 78(3), pages 318-340, June.
    5. Peter B.. Kenen, 1990. "The Coordination of Macroeconomic Policies," NBER Chapters, in: International Policy Coordination and Exchange Rate Fluctuations, pages 63-108, National Bureau of Economic Research, Inc.
    6. Currie, David & Holtham, Gerald & Hughes, Gordon, 1989. "The Theory and Practice of International Policy Coordination: Does Coordination Pay?," CEPR Discussion Papers 325, C.E.P.R. Discussion Papers.
    7. Gerald Holtham & Andrew Hughes Hallett, 1987. "International Policy Cooperation and Model Uncertainty," International Economic Association Series, in: Ralph C. Bryant & Richard Portes (ed.), Global Macroeconomics: Policy Conflict and Cooperation, chapter 5, pages 128-184, Palgrave Macmillan.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Thomas Willett, 1999. "Developments in the Political Economy of Policy Coordination," Open Economies Review, Springer, vol. 10(2), pages 221-253, May.
    2. Peter Mooslechner & Martin Schuerz, 1999. "International Macroeconomic Policy Coordination: Any Lessons for EMU? A Selective Survey of the Literature," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 26(3), pages 171-199, September.
    3. Barry Eichengreen and Fabio Ghironi., 1997. "European Monetary Unification and International Monetary Cooperation," Center for International and Development Economics Research (CIDER) Working Papers C97-091, University of California at Berkeley.
    4. Carsten Hefeker & Michael Neugart, 2019. "Policy Coordination Under Model Disagreement and Uncertainty," Open Economies Review, Springer, vol. 30(4), pages 719-737, September.
    5. A.J. Hallet, 1998. "When Do Target Zones Work? An Examination of Exchange Rate Targeting as a Device for Coordinating Economic Policies," Open Economies Review, Springer, vol. 9(2), pages 115-138, April.
    6. Yiyong Cai & Warwick McKibbin, 2015. "Uncertainty and International Climate Change Negotiations," Italian Economic Journal: A Continuation of Rivista Italiana degli Economisti and Giornale degli Economisti, Springer;Società Italiana degli Economisti (Italian Economic Association), vol. 1(1), pages 101-115, March.
    7. Jeffrey A. Frankel, 1990. "Obstacles to Coordination, and a Consideration of Two Proposals to Overcome Them: International Nominal Targeting (INT) and the Hosomi Fund," NBER Chapters, in: International Policy Coordination and Exchange Rate Fluctuations, pages 109-158, National Bureau of Economic Research, Inc.
    8. Ostry, Jonathan D. & Ghosh, Atish R., 2016. "On the obstacles to international policy coordination," Journal of International Money and Finance, Elsevier, vol. 67(C), pages 25-40.
    9. Mina Baliamoune, 2000. "Economics of Summitry: An Empirical Assessment of the Economic Effects of Summits," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 27(3), pages 295-319, September.
    10. Hefeker, Carsten, 2022. "Policy coordination under model disagreement and asymmetric shocks," Economic Modelling, Elsevier, vol. 114(C).
    11. Keshab Bhattarai & Sushanta K. Mallick, 2015. "Macroeconomic policy coordination in the global economy: VAR and BVAR-DSGE analyses," Working Paper series 15-01, Rimini Centre for Economic Analysis.
    12. Maurice Obstfeld, 1995. "Intenational Currency Experience: New Lessons and Lessons Relearned," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 26(1, 25th A), pages 119-220.
    13. Jeffrey A. Frankel, 2016. "International Coordination," NBER Working Papers 21878, National Bureau of Economic Research, Inc.
    14. Nyahoho, Emmanuel, 1995. "La concurrence de monnaies dans un marché financier dématérialisé," L'Actualité Economique, Société Canadienne de Science Economique, vol. 71(3), pages 334-364, septembre.
    15. Jeffrey A. Frankel and Norbert Funke., 1994. "A Two-Country Analysis of International Targeting of Nominal GNP," Center for International and Development Economics Research (CIDER) Working Papers C94-035, University of California at Berkeley.
    16. Paul R. Bergin & Oscar Jorda, "undated". "Monetary Policy Coordination: A New Empirical Approach," Department of Economics 01-02, California Davis - Department of Economics.
    17. Lee, B.C. & Longe-Akindemowo, O., 1998. "Regulatory Issues in Electronic Money: A Legal-Economics Analysis," Economics Working Papers wp98-02, School of Economics, University of Wollongong, NSW, Australia.
    18. Andrew Hughes Hallett & Diana N. Weymark, 2007. "Fiscal leadership and central bank design," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 40(2), pages 607-627, May.
    19. Kawai, Masahiro, 2015. "International Spillovers of Monetary Policy: US Federal Reserve's Quantitative Easing and Bank of Japan's Quantitative and Qualitative Easing," ADBI Working Papers 512, Asian Development Bank Institute.
    20. Jacob A. Frenkel & Morris Goldstein & Paul R. Masson, 2017. "The Rationale for, and Effects of, International Economic Policy Coordination," World Scientific Book Chapters, in: TRADE CURRENCIES AND FINANCE, chapter 7, pages 241-298, World Scientific Publishing Co. Pte. Ltd..

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:nbr:nberwo:3747. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: the person in charge (email available below). General contact details of provider: https://edirc.repec.org/data/nberrus.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.