Macroeconomic Modelling and Monetary and Exchange Rate Regimes

This book presents articles that focus on the inter-related issues of choice of exchange rate and monetary policy regimes, and others that use a global macroeconomic model developed by the author and collaborators to quantify the effects of the 'baby boom' on global imbalances, costs of disinflation, and the effects of German unification. The book presents new analysis of the euro-zone experience and its applicability to other monetary unions, as well as a discussion of the prerequisites for successful inflation targeting. It is grounded in real-world data, readily accessible to non-specialists, and addresses important economic policy issues.
Contents: About the AuthorIntroductionMacroeconomic Modelling:Macroeconomic Effects of Projected Population Aging in Industrial Countries (Paul R Masson and Ralph W Tryon)Models of Inflation and the Costs of Disinflation (Bankim Chadha, Paul R Masson and Guy Meredith)German Unification: What Have We Learned from Multi-Country Models? (Joseph E Gagnon, Paul R Masson and Warwick J McKibbin)Exchange Rate Regimes and International Currencies:Exchange Rate Regimes of Developing Countries: Global Context and Individual Choices (Esteban Jadresic, Paul R Masson and Paolo Mauro)Should African Monetary Unions Be Expanded? An Empirical Investigation of the Scope for Monetary Integration in Sub-Saharan Africa (Xavier Debrun, Paul R Masson and Catherine Pattillo)Currency Unions in Africa: Is the Trade Effect Substantial Enough to Justify Their Formation? (Paul R Masson)Fiscal Asymmetries and the Survival of the Euro Zone (Paul R Masson)The Euro at 20: Lessons for Africa (Paul R Masson)Monetary Regimes:The Scope for Inflation Targeting in Developing Countries (Paul R Masson, Miguel A Savastano and Sunil Sharma)Are Bygones Not Bygones? Modeling Price-Level Targeting with an Escape Clause and Lessons from the Gold Standard (Paul R Masson and Malik D Shukayev)
Readership: For readers who are interested to learn more about applying economic models to important policy questions.Exchange Rates;Modelling;Monetary Unions;Inflation Targeting0Key Features:Unlike many theoretical papers in economics, this volume is accessible to non-specialists, grounded in real-world data, and applicable to real-world policy issues