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Recursive Methods for Computing Equilibria of General Equilibrium Dynamic Stackelberg Games

We extend the Hansen and Prescott (1991) method for the numerical computation of equilibria of dynamic business cycle models in which there are two sets of agents who play a dynamic Stackelberg game. Such models have application to analysis of issues of optimal government policy in which the government plays the role of Stackelberg leader and a representative private agent is the follower. We show how to derive time-consistent policy rules for the Stackelberg leader, and we consider an application of the methodology to the determination of optimal government spending in perfectly competitive growth model. Nous généralisons la méthode Hansen et Prescott (1991) pour calculer numériquement l'équilibre de modèles du cycle économique, au cas où deux groupes d'agents interagissent dans un jeu de Stackelberg dynamique. Cette généralisation trouve application dans l'analyse de politiques optimales lorsque e gouvernement est le leader et l'agent privé représentatif est le suiveur. Nous montrons comment dériver des règles de rétroaction de politique économique qui sont intertemporellement cohérentes et nous appliquons la méthodologie à la détermination du niveau optimal de dépenses publiques de consommation dans un modèle de croissance néo- classique.

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Paper provided by CREFE, Université du Québec à Montréal in its series Cahiers de recherche CREFE / CREFE Working Papers with number 25.

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Length: 19 pages
Date of creation: May 1994
Date of revision:
Publication status: Published in Economic Modelling, 14, pages 155-173, 1997
Handle: RePEc:cre:crefwp:25
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  1. Steve Ambler & Alain Paquet, 1993. "Fiscal Spending Shocks, Endogenous Government Spending and Real Business Cycles," Cahiers de recherche CREFE / CREFE Working Papers 14, CREFE, Université du Québec à Montréal.
  2. Kydland, Finn, 1975. "Noncooperative and Dominant Player Solutions in Discrete Dynamic Games," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 16(2), pages 321-35, June.
  3. John B. Taylor & Harald Uhlig, 1989. "Solving Nonlinear Stochastic Growth Models: A Comparison of Alternative Solution Methods," NBER Working Papers 3117, National Bureau of Economic Research, Inc.
  4. Chari, V V & Christiano, Lawrence J & Kehoe, Patrick J, 1991. "Optimal Fiscal and Monetary Policy: Some Recent Results," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 23(3), pages 519-39, August.
  5. Ambler, Steve & Desruelle, Dominique, 1991. "Time inconsistency in time-dependent team games," Economics Letters, Elsevier, vol. 37(1), pages 1-6, September.
  6. Rotemberg, Julio J & Saloner, Garth, 1986. "A Supergame-Theoretic Model of Price Wars during Booms," American Economic Review, American Economic Association, vol. 76(3), pages 390-407, June.
  7. Rotemberg, Julio J & Woodford, Michael, 1992. "Oligopolistic Pricing and the Effects of Aggregate Demand on Economic Activity," Journal of Political Economy, University of Chicago Press, vol. 100(6), pages 1153-1207, December.
  8. Olivier Jean Blanchard & Stanley Fischer, 1989. "Lectures on Macroeconomics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262022834, June.
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