Macroeconomic Policy and Economic Interdependence

1. Front Matter

   Pages i-xx

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2. Country Studies

   1. Front Matter

      Pages 1-1

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   2. Recent Evolution of Financial Structures and Monetary Policy in France

      • Didier Bruneel

      Pages 3-61

   3. Italian Monetary and Foreign Exchange Policy

      • Donald R. Hodgman, Robert W. Resek

      Pages 62-86

   4. Fiscal Deficits, Interest Rates and Monetary Policy in West Germany

      • Manfred Willms

      Pages 87-108

   5. Prices and Price Controls: Are Price Controls a Policy Instrument?

      • Forrest Capie, Mahmood Pradhan, Geoffrey E. Wood

      Pages 109-138

3. Macroeconomic Policy Interdependence

   1. Front Matter

      Pages 139-139

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   2. US Fiscal Deficits and the Foreign Exchange Value of the US Dollar

      • Robert Z. Aliber

      Pages 141-157

   3. Policy Interdependence: Does Strategic Behaviour Pay? An Empirical Investigation Using the Liverpool World Model

      • Matthew B. Canzoneri, Patrick Minford

      Pages 158-179

   4. The Role of Exchange Rate Movements in Transmitting International Disturbances

      • James M. Boughton, Richard D. Haas, Paul R. Masson

      Pages 180-213

4. International

   1. Front Matter

      Pages 215-215

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   2. International Co-operation of Monetary Policies and Confrontation of Commercial and Financial Policies: An Application to US-EC Relations and to Problems of the European Monetary System

      • Giorgio Basevi, Paolo Kind, Giorgio Poli

      Pages 217-249

   3. Real Exchange Rates: Definition, Measurement, and Trends in France, West Germany, Italy and the United Kingdom

      • Donald V. Coes

      Pages 250-271

   4. The Effects of Economic Convergence and Competitiveness on Trade among the EMS Countries

      • Lorenzo Bini-Smaghi, Stefano Vona

      Pages 272-326

5. Back Matter

   Pages 327-331

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The contributors examine the conduct and consequences of national macroeconomic policy in a world of economically independent countries. The book's main themes include the effect of deregulation and financial innovation and of budget deficits on monetary policy, the role of exchange rates in the international transmission of disturbances of a monetary or fiscal origin, the effectiveness of price controls in moderating the economic cost of deflationary maroeconomic policies and the implications of cooperative versus non-cooperative approaches to policy under conditions of economic interdependence.

• Deflation
• economic policy
• interest rates
• macroeconomics
• monetary policy

• University of Illinois, United States

  Donald R. Hodgman

• The City University, London, United Kingdom

  Geoffrey E. Wood

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