Simple rules, robustness and alternative assignments for G3 policy cooperation

Article Abstract:

A macroeconomic policy for G3 economies centering on the issues of uncertainty and economic performance and the choice of a policy regime was studied. Uncertainty can be defined as exogenous and endogenous. Endogenous uncertainty can be studied through a Global Econometric Model. In such a model, economic policy makers can adjust fiscal and monetary instruments through the analysis of feedback. Exogenous uncertainty emanates from stocks to prices in oil and commodities.

Research, International economic relations

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Target zones and alternative proposals for G3 policy coordination: an empirical evaluation using GEM

Article Abstract:

The Extended Target Zone (ETZ) proposal for economic policy is compared to other policies that do not require explicit exchange rate targeting. An analysis of policies using the Global Economic Model show that when exchange rate volatility is significant, the ETZ scheme performs better than the alternative policies. However, when exchange rate volatility is unimportant, the ETZ scheme does not outperform the alternative policies.

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A cointegration analysis of the U.S. money supply process

Article Abstract:

Differing Federal Reserve operating processes are examined for their impact on United States M1 money supply procedures between 1971 and 1990. The borrowed reserves operating procedure period manifested cointegration among the monetary base, the money supply and the differential for the market-deposit interest rate during 1983:01 to 1990:06.

United States, Money Supply M1A, Money Supply M1B, Statistical Data Included

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