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Monetary and fiscal pollcy design under EMU: a dynamic game approach

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  • VAN AARLE, Bas
  • ENGWERDA, Jacob C.
  • PLASMANS, Joseph E.J.
  • WEEREN, Arie

Abstract

This paper analyzes the problem of designing macroeconomic stabilization policies within the European Monetary Union (EMU) as a dynamic game between a centralized monetary authority, the European Central Bank (ECB), and national fiscal policy makers. Non-cooperative feedback Nash equilibrium and cooperative Nash bargaining solutions are determined under various assumptions about r ationing regimes in goods and labor markets and structural characteristics of the economies involved.

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Bibliographic Info

Paper provided by University of Antwerp, Faculty of Applied Economics in its series Working Papers with number 1999041.

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Length: 20 pages
Date of creation: Dec 1999
Date of revision:
Handle: RePEc:ant:wpaper:1999041

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Postal: Prinsstraat 13, B-2000 Antwerpen
Web page: https://www.uantwerp.be/en/faculties/applied-economic-sciences/
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  1. M. Buti & D. Franco & H. Ongena, 1997. "Budgetary Policies during Recessions - Retrospective Application of the "Stability and Growth Pact" to the Post-War Period," European Economy - Economic Papers 121, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.
  2. German, Israel, 1985. "Disequilibrium Dynamics and the Stability of Quasi Equilibria," The Quarterly Journal of Economics, MIT Press, vol. 100(3), pages 571-96, August.
  3. Currie, David & Levine, Paul L & Pearlman, Joseph, 1990. "European Monetary Union or Hard EMS?," CEPR Discussion Papers 472, C.E.P.R. Discussion Papers.
  4. Hughes Hallett, A J & Vines, D, 1993. "On the Possible Costs of European Monetary Union," The Manchester School of Economic & Social Studies, University of Manchester, vol. 61(1), pages 35-64, March.
  5. Engwerda, J.C. & Aarle, B. van & Plasmans, J.E.J., 1997. "The (in)finite horizon open-loop Nash LQ Game: An application to EMU," Discussion Paper 1997-84, Tilburg University, Center for Economic Research.
  6. Engwerda, J.C. & Aarle, B. van & Plasmans, J.E.J., 1998. "Fiscal Policy Interaction in the EMU," Discussion Paper 1998-113, Tilburg University, Center for Economic Research.
  7. Stephen J. Turnovsky & Tamer Basar & Vasco d'Orey, 1987. "Dynamic Strategic Monetary Policies and Coordination in Interdependent Economies," NBER Working Papers 2467, National Bureau of Economic Research, Inc.
  8. Reinhard Neck & Engelbert Dockner, 1995. "Commitment and coordination in a dynamic game model of international economic policy-making," Open Economies Review, Springer, vol. 6(1), pages 5-28, January.
  9. Barrell, Ray & Sefton, James, 1997. "Fiscal Policy and the Masstricht Solvency Criteria," The Manchester School of Economic & Social Studies, University of Manchester, vol. 65(3), pages 259-79, June.
  10. Jensen, Svend Erik Hougaard & Jensen, Lars Grue, 1995. "Debt, deficits and transition to EMU: A small country analysis," European Journal of Political Economy, Elsevier, vol. 11(1), pages 3-25, March.
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