The Dog That Didn't Bark : The Strange Case of Domestic Policy Cooperation in the 'New Normal' /

This paper examines domestic policy cooperation, a curiously neglected issue. Both international and domestic cooperation were live issues in the 1970s when the IS/LM model predicted very different external outcomes from monetary and fiscal policies. Interest in domestic policy cooperation has since...

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Bibliographic Details
Main Author: Bayoumi, Tamim
Format: Journal
Language:English
Published: Washington, D.C. : International Monetary Fund, 2015.
Series:IMF Working Papers; Working Paper ; No. 2015/156
Online Access:Full text available on IMF
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245 1 4 |a The Dog That Didn't Bark :   |b The Strange Case of Domestic Policy Cooperation in the 'New Normal' /  |c Tamim Bayoumi. 
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500 |a <strong>On-Campus Access:</strong> No User ID or Password Required 
506 |a Electronic access restricted to authorized BRAC University faculty, staff and students 
520 3 |a This paper examines domestic policy cooperation, a curiously neglected issue. Both international and domestic cooperation were live issues in the 1970s when the IS/LM model predicted very different external outcomes from monetary and fiscal policies. Interest in domestic policy cooperation has since fallen on hard intellectual times-with knock-ons to international cooperation-as macroeconomic policy roles became highly compartmentalized. I first discuss the intellectual and policy making undercurrents behind this neglect, and explain why they are less relevant after the global crisis. This is followed by a discussion of: macroeconomic policy cooperation in a world of more fiscal activism; coordination across financial agencies and with macroeconomic policies; and how structural policies fit into this. The paper concludes with a proposal for a 'grand bargain' across principle players to create a 'new domestic cooperation.'. 
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830 0 |a IMF Working Papers; Working Paper ;  |v No. 2015/156 
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