Publication: A macroeconomic policy game for a monet...
Master data
| Title: | A macroeconomic policy game for a monetary union with adaptive expectations |
| Subtitle: | |
| Abstract: | We consider a dynamic game model of a two-country monetary union. Governments (fiscal policies) pursue national goals while the common central bank's monetary policy aims at union-wide objectives. For a symmetric demand shock, we derive numerical solutions of the dynamic game between the governments and the central bank. We consider conflicting (non-cooperative Nash equilibrium) and coordinated policy-making (cooperative Pareto solutions). We show that there is a trade-off between the deviations of instruments and targets from desired paths; the volatility of output and inflation increases when private agents react more strongly to changes in actual inflation. |
| Keywords: |
| Publication type: | Article in journal (Authorship) |
| Publication date: | 01.12.2009 (Print) |
| Published by: |
Atlantic Economic Journal
Atlantic Economic Journal
(
Springer International Publishing AG;
)
to publication |
| Title of the series: | - |
| Volume number: | 37 |
| Issue: | 4 |
| First publication: | Yes |
| Version: | - |
| Page: | pp. 335 - 349 |
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| Keine Version vorhanden |
| Publication date: | |
| ISBN (e-book): | - |
| eISSN: | - |
| DOI: | http://dx.doi.org/10.1007/s11293-009-9186-6 |
| Homepage: | - |
| Open access |
|
| Publication date: | 01.12.2009 |
| ISBN: | - |
| ISSN: | 0197-4254 |
| Homepage: | http://link.springer.com/article/10.1007%2Fs11293-009-9186-6 |
Authors
Assignment
| Organisation | Address | ||||
|---|---|---|---|---|---|
|
Fakultät für Wirtschafts- und Rechtswissenschaften
Institut für Volkswirtschaftslehre
|
AT - A-9020 Klagenfurt |
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| Peer reviewed |
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