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Dynamic Externalities and Policy Coordination

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  • Manjira Datta

    ()
    (Arizona State University)

  • Leonard J. Mirman

    (University of Virginia)

Abstract

We introduce the possibility of trade in dynamic models with externalities and evaluate the consequences on the capital accumulation process, the market-clearing prices and policy making. We consider mixed economies characterized by a blend of strategic and nonstrategic sectors. An equilibrium exists in the bilateral monopoly game because the strategic planner incorporates the future utility of the country and the presence of a nonstrategic sector in its decision making. Capital externality is one source of interdependence. Equilibrium price, a function of both outputs, is another. Policy coordination is advantageous only when preferences are dissimilar and an externality is present.

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Paper provided by Arizona State University, Department of Economics in its series Working Papers with number 97/11.

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Handle: RePEc:wop:astewp:9711

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  1. V.V. Chari & Patrick J. Kehoe, 1989. "International coordination of fiscal policy in limiting economies," Staff Report 121, Federal Reserve Bank of Minneapolis.
  2. Datta, Manjira, 1997. "Externalities and Price Dynamics," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 38(3), pages 587-603, August.
  3. Tito Cordella & Manjira Datta, . "Intertemporal Cournot and Walras Equilibrium: An Illustration," Working Papers 97/13, Arizona State University, Department of Economics.
  4. Jaffe, Adam B, 1986. "Technological Opportunity and Spillovers of R&D: Evidence from Firms' Patents, Profits, and Market Value," American Economic Review, American Economic Association, vol. 76(5), pages 984-1001, December.
  5. Datta, M. & Mirman, L., 1994. "Dynamic Capital Interactions, Externalities and Trade," CORE Discussion Papers 1994009, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  6. Fischer, Ronald D. & Mirman, Leonard J., 1996. "The Compleat Fish Wars: Biological and Dynamic Interactions," Journal of Environmental Economics and Management, Elsevier, vol. 30(1), pages 34-42, January.
  7. Hamada, Koichi, 1976. "A Strategic Analysis of Monetary Interdependence," Journal of Political Economy, University of Chicago Press, vol. 84(4), pages 677-700, August.
  8. Fischer, Ronald D. & Mirman, Leonard J., 1992. "Strategic dynamic interaction : Fish wars," Journal of Economic Dynamics and Control, Elsevier, vol. 16(2), pages 267-287, April.
  9. Chang, Roberto, 1990. "International coordination of fiscal deficits," Journal of Monetary Economics, Elsevier, vol. 25(3), pages 347-366, June.
  10. Canzoneri, Matthew B & Gray, Jo Anna, 1985. "Monetary Policy Games and the Consequences of Non-cooperative Behavior," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 26(3), pages 547-64, October.
  11. Galor, Oded, 1986. "Global dynamic inefficiency in the absence of international policy coordination: A north-south case," Journal of International Economics, Elsevier, vol. 21(1-2), pages 137-149, August.
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Cited by:
  1. P. Demetriades, 1998. "International Aspects of Public Infrastructure Investment," CIBS Research Papers in International Business 8-98, London South Bank University CIBS.
  2. Mirman, Leonard J. & To, Ted, 2005. "Strategic resource extraction, capital accumulation and overlapping generations," Journal of Environmental Economics and Management, Elsevier, vol. 50(2), pages 378-386, September.
  3. Charles Figuières & Fabien Prieur & Mabel Tidball, 2012. "Public Infrastructure, non Cooperative Investments and Endogenous Growth," Working Papers 12-07, LAMETA, Universtiy of Montpellier, revised Mar 2012.
  4. Klaus Reiner Schenk-Hoppé, . "Sample-Path Stability of Non-Stationary Dynamic Economic Systems," IEW - Working Papers 046, Institute for Empirical Research in Economics - University of Zurich.
  5. Leonard J. Mirman & Klaus Reiner Schenk-Hoppé, . "Financial Markets and Stochastic Growth," IEW - Working Papers 066, Institute for Empirical Research in Economics - University of Zurich.
  6. BALESTRA, Carlotta & BRECHET, Thierry & LAMBRECHT, Stéphane, 2010. "Property rights with biological spillovers: when Hardin meets Meade," CORE Discussion Papers 2010071, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  7. Akihiko Yanase, 2005. "Pollution Control in Open Economies: Implications of Within-period Interactions for Dynamic Game Equilibrium," Journal of Economics, Springer, vol. 84(3), pages 277-311, 05.
  8. Manjira Datta & Leonard Mirman & Olivier Morand & Kevin Reffett, . "Lattice Methods in Computation of Sequential Markov Equilibrium in Dynamic Games," Working Papers 2179545, Department of Economics, W. P. Carey School of Business, Arizona State University.
  9. Manjira Datta & Leonard J. Mirman, . "Externalities, Market Power, and Resource Extraction," Working Papers 97/12, Arizona State University, Department of Economics.

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