Tinbergen and Theil meet Nash: Controllability in policy games
This paper generalizes the classical theory of economic policy to a static LQ-strategic context between n players. We show how this generalized version of controllability can profitably be used to deal with policy ineffectiveness issues and Nash equilibrium existence.
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References listed on IDEAS
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- Nicola Acocella & Giovanni Di Bartolomeo, 2002.
"Non-neutrality of monetary policy in policy games,"
49, University of Rome La Sapienza, Department of Public Economics.
- Nicola Acocella & Giovanni Di Bartolomeo, 2005. "Controllability and non-neutrality of economic policy: The Tinbergen’s approach in a strategic context," Macroeconomics 0504034, EconWPA.
- Sargent, Thomas J & Wallace, Neil, 1975. ""Rational" Expectations, the Optimal Monetary Instrument, and the Optimal Money Supply Rule," Journal of Political Economy, University of Chicago Press, vol. 83(2), pages 241-254, April.
- Gylfason, Thorvaldur & Lindbeck, Assar, 1994.
"The Interaction of Monetary Policy and Wages,"
Springer, vol. 79(1-2), pages 33-46, April.
- Partha Dasgupta & Eric Maskin, 1986. "The Existence of Equilibrium in Discontinuous Economic Games, I: Theory," Review of Economic Studies, Oxford University Press, vol. 53(1), pages 1-26.
- Hughes Hallett, Andrew J, 1989. "Econometrics and the Theory of Economic Policy: The Tinbergen-Theil Contributions 40 Years On," Oxford Economic Papers, Oxford University Press, vol. 41(1), pages 189-214, January.
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