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Index


Adaptive policy expectations, 235, 239
Adaptive policy expectations in Europe and America, 235
Adaptive policy expectations in Europe, rational policy expectations in America,
239
Anticipation, 59
Appreciation, 11, 41, 48, 141, 166, 178

Behaviour in a region, 125
Budget deficit, 20, 48

Capital mobility, high, 101 189
Capital mobility, imperfect, 71, 183, 197, 210, 228
Capital mobility, low, 186
Capital mobility, perfect, 11, 41, 165, 177, 195, 207, 225
Capital mobility, zero, 67
Cold-turkey policies, 12,42, 125
Comparing fiscal competition with monetary competition, 53, 96, 232
Comparing fiscal cooperation with fiscal competition, 58, 91, 198
Comparing fiscal cooperation with monetary cooperation, 58
Comparing gradualist strategy with cold-turkey strategy, 193
Comparing high capital mobility with low capital mobility, 189
Comparing imperfect capital mobility with perfect capital mobility, 83, 91
Comparing monetary cooperation with monetary competition, 39, 64
Comparing the world of three regions with the world of two regions, 171, 182,
188
Comparing wage policy competition with monetary policy competition, 150
Comparing wage policy cooperation with monetary policy cooperation, 156
Comparing wage policy cooperation with wage policy competition, 156

Damped oscillations, 22, 24, 25, 79, 187, 211, 217
Degrees of freedom, 98, 99, 234
Depreciation, 11, 41, 48, 141, 166, 178
310


Dynamic characteristics, 20, 48, 79, 110, 115, 149, 170, 182, 187, 244
Dynamic model, 11, 41, 71, 141, 157, 165, 177, 183, 221, 226, 228, 235, 239,
245

Effective multiplier, 20, 34, 80, 87, 104, 149, 154, 171, 188
Equilibrium, 255
Expectations, 219
Explosive oscillations, 182, 189, 209, 216
External effect of fiscal policy, 41, 42, 45, 46, 55, 71, 72, 77, 178, 180, 183, 186,
208,210,212,214,216,217
External effect of monetary policy, 11, 12, 17, 19, 92, 166, 169, 205, 212, 215
External effect of wage policy, 141, 142, 147, 149

Fiscal competition between Europe and America, 41, 67, 71, 101, 108, 129, 137,
225, 228, 245
Fiscal competition between Europe, America and Asia, 177, 183, 191
Fiscal competition between four regions, 207, 210
Fiscal cooperation between Europe and America, 54, 84, 105
Fiscal cooperation between Europe, America and Asia, 195, 197
Fiscal policy, 41, 71, 177, 183
Full employment, 12, 31, 54, 72

Gradualist policies, 108, 191

Inflationary gap, 25, 27, 38, 46, 79
Inflation in Europe and America, 27, 29, 38, 39, 157
Inflation in Europe equals inflation in America, 29, 39
Inflation in Europe exceeds inflation in America, 27, 38
Internal effect of fiscal policy, 41, 42, 71, 72, 77, 178, 183, 186, 208, 210, 212,
214
Internal effect of monetary policy, 11, 12, 17, 92, 166, 169, 205, 212
Internal effect of wage policy, 141, 142, 147, 149

Labour unions, competition, 141
Labour unions, cooperation, 151

Model, 31,54, 84, 151,173, 197
311


Models, advanced, 123
Models, basic, 9
Models, intermediate, 65
Monetary and fiscal competition, 118, 232
Monetary and fiscal cooperation, 98
Monetary competition between Europe and America, 11, 59, 69, 92, 113, 125,
133,157,221,239
Monetary competition between Europe, America and Asia, 165
Monetary competition between four regions, 205
Monetary cooperation between Europe and America, 31, 96, 136, 161
Monetary cooperation between Europe, America and Asia, 173
Monetary policy, 11, 92, 165

Number of regions, 215-217
Numerical example, 18, 33, 45, 55, 78, 86, 148, 153, 158, 169, 174, 181, 186,
198

Oscillations, 22, 24, 25, 48, 79, 182, 209, 211
Output gap, 12, 18, 42, 46, 72, 78, 142
Output lag, 13, 19, 43, 46, 73, 143
Output model, 31, 54, 84, 98, 151
Overemployment, 25, 26, 49, 51

Policy model, 31, 32, 54, 85, 151, 173, 195
Price stability, 25, 27, 38
Public debt, 20, 48

Rational policy expectations, 221, 239, 255
Rational policy expectations in Europe and America, 221

Size of a region, 133
Solution (existence), 253, 254
Speed of fiscal competition, 68, 79, 91, 102, 110, 112, 182, 188, 189, 209, 211,
213,214,216,217,231,251
Speed of monetary competition, 20, 39, 64, 70, 93, 115, 116, 135, 170, 171, 206,
212, 215, 224, 245
Speed of wage policy competition, 149, 150, 156
312

Spillovers, see External effect
Stability, 16, 76, 128, 132, 146, 169, 186, 241, 248, 253, 254
Static model, 11, 41, 71, 141, 165, 177, 183, 205
Steady state, 14, 44, 74, 126, 130, 144, 168, 180, 185, 241, 247
Synopsis, 215-217, 253-255

Target of American central bank, 13, 25, 93, 113, 114, 167
Target of American government, 43, 72, 108, 109, 179
Target of American labour union, 143
Target of Asian central bank, 167
Target of Asian government, 179, 191
Target of European central bank, 12, 27, 93, 113, 114, 167
Target of European government, 42, 72, 108, 109, 179
Target of European labour union, 142
Targets of fiscal cooperation, 54, 84, 195
Targets of monetary cooperation, 31, 173
Targets of policy cooperation, 98, 99
Targets of wage policy cooperation, 151

Unemployment in Europe and America, 18, 20, 46, 48, 78, 80
Unemployment in Europe equals overemployment in America, 26, 51, 82
Unemployment in Europe equals unemployment in America, 18, 48, 78
Unemployment in Europe exceeds overemployment in America, 25, 49
Unemployment in Europe exceeds unemployment in America, 20, 46, 80
Unemployment in Europe, full employment in America, 23
Uniform oscillations, 48, 216

Vicious circle, 48, 182

Wage policy, 141
Wage policy competition, 141
Wage policy cooperation, 151
World of four monetary regions, 205, 215-217
World of ten monetary regions, 212, 215-217
World of three monetary regions, 163, 215-217, 254
World of two monetary regions, 9, 215-217, 219, 253

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