| 来源类型 | FEEM working papers "Note di lavoro" series |
| 规范类型 | 论文 |
| Dynamic Controllability with Overlapping targets: A Generalization of the Tinbergen-Nash Theory of Economic Policy | |
| Giovanni Di Bartolomeo; Nicola Acocella; Andrew Hughes Hallett | |
| 发表日期 | 2005 |
| 出处 | Economy and Society |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | We generalize some recent results developed in static policy games with multiple players, to a dynamic context. We find that the classical theory of economic policy can be usefully applied to a strategic context of difference games: if one player satisfies the Golden Rule, then either all other players' policies are ineffective with respect to the dynamic target variables shared with that player; or no Nash Feedback Equilibrium can exist, unless they all share target values for those variables. We extend those results to the case where there are also non-dynamic targets, to show that policy effectiveness (a Nash equilibrium) can continue to exist if some players satisfy the Golden Rule but target values differ between players in the non-dynamic targets. We demonstrate the practical importance of these results by showing how policy effectiveness (a policy equilibrium) can appear or disappear with small variations in the expectations process or policy rule in a widely used model of monetary policy. |
| 特色分类 | C72,E52,E61 |
| 关键词 | Policy games,Policy ineffectiveness,Static controllability,Existence of equilibria,Nash feedback equilibrium |
| URL | https://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/dynamic-controllability-with-overlapping-targets-a-generalization-of-the-tinbergen-nash-theory-of-economic-policy/ |
| 来源智库 | Fondazione Eni Enrico Mattei (Italy) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/117242 |
| 推荐引用方式 GB/T 7714 | Giovanni Di Bartolomeo,Nicola Acocella,Andrew Hughes Hallett. Dynamic Controllability with Overlapping targets: A Generalization of the Tinbergen-Nash Theory of Economic Policy. 2005. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| NDL2005-130.pdf（267KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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