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The Dog That Didn't Bark

The Strange Case of Domestic Policy Cooperation in the 'New Normal'

The Dog That Didn't Bark by Tamim Bayoumi
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This paper examines domestic policy cooperation, a curiously neglected issue. Bothinternational and domestic cooperation were live issues in the 1970s when the IS/LMmodel predicted very different external outcomes from monetary and fiscal policies.Interest in domestic policy cooperation has since fallen on hard intellectual times-withknock-ons to international cooperation-as macroeconomic policy roles became highlycompartmentalized. I first discuss the intellectual and policy making undercurrents behindthis neglect, and explain why they are less relevant after the global crisis. This is followedby a discussion of: macroeconomic policy cooperation in a world of more fiscal activism;coordination across financial agencies and with macroeconomic policies; and howstructural policies fit into this. The paper concludes with a proposal for a 'grand bargain'across principle players to create a 'new domestic cooperation.'
International Monetary Fund; July 2015
23 pages; ISBN 9781513547541
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Title: The Dog That Didn't Bark
Author: Tamim Bayoumi