Canzoneri, Matthew Buford; Cumby, Robert E.; Diba, Behzad T. - National Bureau of Economic Research (NBER) - 2002
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 …