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Macroeconomic cooperation for uncertain times: the REDIMA experience

Publication cover
Corporate author:
  • NU. CEPAL
  • Comisión Europea
UN symbol.: LC/G.2516-P ISBN: 9789210210867 156 p.: grafs., tabls. Editorial: ECLAC January 2012

Description

This book shows how international policy cooperation can be beneficial even in the absence of strong real transmission channels between countries. “Cooperation for learning”, the approach to cooperation we present, works by allowing policymakers to exchange experiences and jointly learn how to address regular common policymaking challenges posed by different types of uncertainty.

Such cooperation is based on the establishment of links between policymakers and other institutions. International organizations like the United Nations can nurture and support such learning networks. In Latin America, ECLAC created such a network, called the Macroeconomic Dialogue Network (REDIMA), during a period of significant opportunities and challenges posed by the “commodities” boom period that preceded the international financial crisis of 2008-2010.

The experience of REDIMA described in the book presents a real-world example of how “cooperation for learning” can provide real value added to policymakers while also setting the bases for future regional cooperation and integration efforts.

Table of contents

Foreword. -- Chapter I Macroeconomic cooperation for uncertain times: An overview. -- Chapter II The traditional framework for analysing macroeconomic policy cooperation. -- Chapter III Macroeconomic policy cooperation as social learning in networks. -- Chapter IV A case study of "cooperation for learning": the Macroeconomic Dialogue Network (REDIMA) project. -- Appendix A: The Gosh and Masson (1994) model. -- Appendix B: Additive and multiplicative uncertainty in the Ghosh and Masson (1994) model. -- Appendix C: The essentials of the Bala and Goyal (1998) model.