International macroeconomic policy coordination when policymakers do not agree on the true model: reply

Article Abstract:

International macroeconomic policymakers who disagree about the true economic model still can develop policies that they believe will benefit their own countries. These policies also can lower, rather than increase, welfare. Gerald Holtham and Andrew Hughes Hallett claim that the coordination experiment should be limited to bargains in which policymakers from both countries expect welfare increases in both countries. Policy coordination will occur only 41% of the time in these cases, but coordination, once it occurs, will increase welfare most of the time.

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International macroeconomic policy coordination when policymakers do not agree on the true model: comment

Article Abstract:

Jeffrey A. Frankel and Katharine E. Rockett, in a 1988 study, investigated how international policy coordination is affected by disagreements among policymakers about macroeconomic models. The researchers stated that policymakers still can develop policies that they believe will improve welfare, but that welfare actually can be reduced. An alternative model of bargaining shows that some amount of disagreement can help ensure robust bargains. Uncertainty and extreme disagreement are more harmful than a small degree of disagreement.

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Economic regionalization in Western Europe: Asia-Pacific economies (macroeconomic core: microeconomic optimization)

Article Abstract:

The emergence of a multipolar international economy is drawing attention toward a policy of economic regionalization that is designed to create a macroeconomic framework for microeconomic optimization. The regionalization in the Asia-Pacific Region can lead to a new global economic order. Each region must have the ability to implement a fundamental macroeconomic policy that serves as a framework for optimal microeconomic performance.

Asia, Regional economics, Microeconomics, Pacific Area

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