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Koichi Hamada

Koichi Hamada is Tuntex Professor of Economics at Yale University and the auhor of The Political Economy of International Monetary Interdependence (MIT Press, 1985).

Titles by This Author

Koichi Hamada has made seminal contributions to the study of economic interdependence and was one of the key originators of the game-theoretic approach to the topic. In this book, he applies current methods of game theory, public economics, and oligopoly theory to the problem of the choice of international monetary regimes in a world where goods markets and capital markets are increasingly integrated. The book examines how the choice of an international monetary regime affects the nature of policy interdependence and distribution of economic welfare among countries, what kind of international monetary regime each country wishes to choose, and what kind of regime is most likely to be realized. It shows that, in a world where a few large nations have substantial influence, it is important to recognize both the mutual strategic interdependence and differing nature of strategic structures from one regime to another.

The first three chapters discuss the kinds of incentives participating countries face when deciding whether to agree on the adoption or alteration of a monetary regime. The remaining chapters show how the nature of policy interdependence differs depending on the exchange rate system.

Contents: Political and Economic Aspects of International Monetary Relations; The Choice of International Monetary Regimes; On the Political Economy of Monetary Integration: A Public Economic Approach; International Monetary Interdependence in a Keynesian Model; A Strategic Analysis of Monetary Interdependence: A Flexible Price Model; Exchange Rate Regimes and the Effect of Changes in the Terms of Trade; The International Transmission of Stagflation under Fixed and Flexible Exchange Rates; Monetary Interdependence under a Managed Float System.

Koichi Hamada is Professor of Economics at the University of Tokyo.

Titles by This Editor

Japan’s economic bubble burst in the early 1990s, and the country entered its famous “lost decade”--a period of stagnation and economic disruption that persisted until 2003. The current declines in global equity and real estate markets have eerie parallels to Japan’s economic woes of the 1990s. If we are to avoid repeating Japan’s experience on a global scale, we must understand what happened, why it happened, and the effectiveness (or ineffectiveness) of Japan’s policy choices. In this volume, prominent economists--Japan specialists and others--bring state-of-the-art models and analytic tools to bear on these questions. The essays generate new facts and new findings about Japan’s lost decade. As much of the research shows, the slowdown can be broken down into two phases: a typical recession, followed by a breakdown in the economy likely due to insufficient restructuring, which is not well described by conventional models. The contributors offer forceful arguments showing that Japan’s experience, and the unconventional--sometimes unsuccessful--measures adopted by Japan’s government and central bank, offer valuable lessons for our post-boom world.ContributorsKenn Ariga, Robert Barsky, Diego Comin, Robert Dekle, Kyoji Fukao, Koichi Hamada, Takeo Hoshi, Ryo Kambayashi, Anil K Kashyap, Takao Kato, Satoshi Koibuchi, Philip R. Lane, John Muellbauer, Kiko Murata, Maurice Obstfeld, Ryosuke Okazawa, Joe Peek, Ulrike Schaede, David E. Weinstein