Economic Cooperation in an Uncertain World

Economic Cooperation in an Uncertain World examines the case of international policy coordination in the face of macroeconomic uncertainties. It begins by developing a theoretical framework for analyzing the benefits of coordination when there is uncertainty about the effects of macroeconomic policies. As an illustration, this framework is applied to analyze the efforts of the central banks of the major industrialized countries to deal with the global stock market crash of October 1987.

Atish R. Ghosh is Assistant Professor of Economics and International Affairs at the Woodrow Wilson School of Public and International Affairs and the Department of Economics, Princeton University.

Introduction
A Theoretical Framework for Modelling the Open Economy
The Theory of Policy Coordination Under Uncertainty
An Example: The Stock market Crash of October 1987
Alternative Empirical Models of the Open Economy
Model Uncertainty and the Gains from Coordination: An Empirical Analysis
Cooperation versus Coordination
On the Sustainability of Cooperative Agreements
Issues in Bargaining
Conclusions
Appendix - Cooperation and Coordination in Historical Perspective
Bibliography
Index
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Economic Cooperation in an Uncertain World

Summary

Author Biography

Table of Contents

Supplemental Materials