Monetary and fiscal pollcy design under EMU: a dynamic game approach
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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|Date of creation:||Dec 1999|
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Web page: https://www.uantwerp.be/en/faculties/applied-economic-sciences/
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472, C.E.P.R. Discussion Papers.
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- Picard,Pierre, 1993. "Wages and Unemployment," Cambridge Books, Cambridge University Press, number 9780521350570, December.
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- Israel German, 1985. "Disequilibrium Dynamics and the Stability of Quasi Equilibria," The Quarterly Journal of Economics, Oxford University Press, vol. 100(3), pages 571-596.
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