Publication: Policy Interactions in a Monetary Union...
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| Title: | Policy Interactions in a Monetary Union: An Application of the OPTGAME Algorithm |
| Subtitle: | |
| Abstract: | In this paper we present an application of the dynamic trackinggames framework to a monetary union. We use a small stylized nonlinear two-country macroeconomic model of a monetary union for analysing the interactions between fiscal (governments) and monetary (common central bank) policy makers, assuming different objective functions of these decision makers. Using the OPTGAME algorithm we calculate equilibrium solutions for four game strategies: one cooperative (Pareto optimal) and three non-cooperative game types: the Nash game for the open-loop information pattern, the Nash game for the feedback information pattern, and the Stackelberg game for the feedback information pattern. Applying the OPTGAME algorithm to the MUMOD1 model we show how the policy makers react upon demand and supply shocks according to different solution concepts. Some comments are given on possible applications to the recent sovereign debt crisis in Europe. |
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| Publication type: | Article in compilation (Authorship) |
| Publication date: | 2014 (Print) |
| Published by: |
Dynamic Games in Economics
Dynamic Games in Economics
(
Springer International Publishing AG;
)
to publication |
| Title of the series: | Dynamic Modeling and Econometrics in Economics and Finance |
| Volume number: | 16 |
| First publication: | Yes |
| Page: | pp. 51 - 68 |
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| Publication date: | 2014 |
| ISBN: |
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| ISSN: | - |
| Homepage: | - |
Assignment
| Organisation | Address | ||||
|---|---|---|---|---|---|
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Fakultät für Wirtschafts- und Rechtswissenschaften
Institut für Volkswirtschaftslehre
|
AT - A-9020 Klagenfurt |
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