The Need for International Policy Coordination: What's Old, What's New, What's Yet to Come?

@inproceedings{Canzoneri2002TheNF,
  title={The Need for International Policy Coordination: What's Old, What's New, What's Yet to Come?},
  author={Matthew B. Canzoneri and Robert E. Cumby and Behzad T. Diba},
  year={2002}
}
Fifty years ago, the Chicago School argued that flexible exchange rates would insulate employment from foreign economic disturbances: there is no need for policy coordination; flexible exchange rates suffice. Twenty five years later, the Bretton Woods system was gone, and the first generation of policy coordination models was introduced. Chicago School arguments not withstanding, these Old-Keynesian models provided a theoretical rational for policy coordination. Now, a new generation of policy… CONTINUE READING

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