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Monetary and Fiscal Policy Design under EMU: A Dynamic Game Approach

  • Bas van Aarle
  • Jacob Engwerda
  • Joseph Plasmans
  • Arie Weeren

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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File URL: http://www.cesifo-group.de/portal/page/portal/DocBase_Content/WP/WP-CESifo_Working_Papers/wp-cesifo-2000/wp-cesifo-2000-03/cesifo_wp262.pdf
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Paper provided by CESifo Group Munich in its series CESifo Working Paper Series with number 262.

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Date of creation: 2000
Date of revision:
Handle: RePEc:ces:ceswps:_262
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  1. 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.
  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. Engwerda, J.C. & van Aarle, B. & Plasmans, J.E.J., 1998. "Fiscal Policy Interaction in the EMU," Discussion Paper 1998-113, Tilburg University, Center for Economic Research.
  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. Currie, David & Levine, Paul & Pearlman, Joseph, 1992. "European monetary union or hard EMS?," European Economic Review, Elsevier, vol. 36(6), pages 1185-1204, August.
  6. 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 Financial Affairs (DG ECFIN), European Commission.
  7. repec:dgr:kubcen:1998113 is not listed on IDEAS
  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. repec:dgr:kubcen:199784 is not listed on IDEAS
  10. 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.
  11. 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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