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The Macroeconomic Implications of a Bad Poker Face

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  • Michael Sampson

Abstract

Game theory investigates the relationship between the Keynesian and monetarist solutions to a simple, representative, macroeconomic model. The model is a game between the private sector and the central bank. A player with a bad poker face reveals his strategy to the other player, before the other player has chosen his strategy. The Keynesian and monetarist solutions are symmetrical: if the private sector has a bad poker face, then the Keynesian solution obtains; if the central bank has a bad poker face, then the monetarist solution obtains. If both or neither players have bad poker faces, then there is no solution to the game.

Suggested Citation

  • Michael Sampson, 1982. "The Macroeconomic Implications of a Bad Poker Face," Working Paper 462, Economics Department, Queen's University.
    • Handle: RePEc:qed:wpaper:462
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