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dc.contributor.authorCussy, Pascal
dc.contributor.authorCapoen, Fabrice
dc.contributor.authorCreel, Jérôme
dc.contributor.authorLenoble-Liaud, Hélène
dc.date.accessioned2011-10-07T14:18:38Z
dc.date.available2011-10-07T14:18:38Z
dc.date.issued2003-12
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/7133
dc.language.isoenen
dc.subjectCoordinationen
dc.subjectFinancial crisisen
dc.subjectTarget zoneen
dc.subjectTime consistencyen
dc.subjectStability pacten
dc.subject.ddc339en
dc.subject.classificationjelF43en
dc.subject.classificationjelE63en
dc.subject.classificationjelE61en
dc.titleHow to manage financial shocks : Intra-European vs. international monetary coordinationen
dc.typeArticle accepté pour publication ou publié
dc.contributor.editoruniversityotherUniversity of Caen;France
dc.description.abstractenUsing a four-country Mundell–Fleming model including portfolio and wealth effects, we explore the question whether some types of policy coordination could improve the outcomes of a financial shock like the Asian crisis. Time-consistent equilibria are computed : a Nash equilibrium, a target zone regime and a coalition solution. The best equilibrium for all authori- ties except the US government is the European coalition. Introducing a Stability Pact in Europe does not alter this result. Introducing a Fed less conservative than the ECB or the BoJ provokes a change in US preferences : both authorities give priority to the target zone regime.en
dc.relation.isversionofjnlnameJournal of Macroeconomics
dc.relation.isversionofjnlvol25en
dc.relation.isversionofjnlissue4en
dc.relation.isversionofjnldate2003-12
dc.relation.isversionofjnlpages431-455en
dc.relation.isversionofdoihttp://dx.doi.org/10.1016/j.jmacro.2003.07.002en
dc.description.sponsorshipprivateouien
dc.relation.isversionofjnlpublisherElsevieren
dc.subject.ddclabelMacroéconomieen


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