caa a22 4500 46798073X CHVBK 20180323112518.0 cr unu---uuuuu 170328e19901201xx s 000 0 eng 10.1007/BF02707474 doi (NATIONALLICENCE)springer-10.1007/BF02707474 Cohabitation or forced marriage? A study of the costs of failing to coordinate fiscal and monetary policies [Elektronische Daten] [Andrew Hallett, Maria Petit] Conclusions: The costs of uncoordinated fiscal and monetary policies involve more than just efficiency losses. Of course there will be the usual efficiency losses associated with noncooperative decision making and they have appeared here. But these are not the main costs. A lack of cooperation between the government and the central bank also imposes a policy conflict which would not otherwise exist. A lack of co-operation provides one player (the central bank) with the opportunity to block the policy options of the other (the government). Hence noncooperation can cost the government its freedom to choose its preferred policy option. These two costs, additional policy conflicts and the loss of policy choice, may be more important than the efficiency losses which are traditionally cited as the reason for cooperating. In any case, they will have important implications both for domestic policy design and for international policy making since central banks evidently find it easier to cooperate among themselves than they do with their own (national) fiscal authorities. Thus, an independent central bank may be necessary to guarantee financial discipline, but it will not be much help if it and the fiscal authorities then fail to coordinate their activities. Institut fur Weltwirtschaft an der Universitat Kiel, 1990 Hallett Andrew aut Petit Maria aut Weltwirtschaftliches Archiv Springer-Verlag 126/4(1990-12-01), 662-690 0043-2636 126:4<662 1990 126 10290 https://doi.org/10.1007/BF02707474 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/BF02707474 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Hallett Andrew aut NATIONALLICENCE 700 1- Petit Maria aut NATIONALLICENCE 773 0- Weltwirtschaftliches Archiv Springer-Verlag 126/4(1990-12-01), 662-690 0043-2636 126:4<662 1990 126 10290 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer