| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP102 |
| DP102 The Sustainability of Optimal Cooperative Macroeconomic Policies in a Two-Country World | |
| Jane Rapson; Paul Levine | |
| 发表日期 | 1986-04-01 |
| 出版年 | 1986 |
| 语种 | 英语 |
| 摘要 | The paper investigates the sustainability of cooperative rules for the conduct of macroeconomic policy in a two-country world. The problem is set out as a supergame in which the threat strategy is to switch to a Nash non-cooperative equilibrium. A number of possible non-cooperative equilibria are reviewed, and two are analysed in detail as possible threat strategies. The first is an open-loop Nash equilibrium where the government is able to precommit itself to the policies it announces. This policy is time inconsistent so we discuss an alternative threat, a time-consistent closed-loop Nash equilibrium. Similarly time inconsistent and time consistent forms of cooperative equilibria are examined. We apply these solution concepts to a small two-country model with in which we impose parameter values. We discover that the presence of stochastic disturbances in the model enables the fully optimal (and time-inconsistent) cooperative policy to be sustainable. The optimal policy is sustainable not only when both governments can renege on the policies they announce to the private sector, and a reneging of one, but also when one government reneges on the other. |
| 主题 | International Macroeconomics |
| 关键词 | Cooperative rules Macroeconomic policy Nash equilibrium Reputation Sustainability Time consistency |
| URL | https://cepr.org/publications/dp102 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/529258 |
| 推荐引用方式 GB/T 7714 | Jane Rapson,Paul Levine. DP102 The Sustainability of Optimal Cooperative Macroeconomic Policies in a Two-Country World. 1986. |
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