G2TT
来源类型Discussion paper
规范类型论文
来源IDDP251
DP251 Decentralised Policies and Efficient Trade-Offs: An Essay on the Costs of Uncoordinated Fiscal and Monetary Policies
Andrew Hughes Hallett; Maria Luisa Petit
发表日期1988-07-01
出版年1988
语种英语
摘要In many countries two decision-making institutions, the government and the central bank, manage fiscal and monetary policy separately. Such decentralization can lead to a change in the optimal inflation-output trade-off. In fact lack of cooperation can result in a change in the position of the trade-off curve, or a reversal in the slope of this trade-off, or even the total absence of any exploitable trade-off. In this paper the techniques of differential game theory are used to calculate the efficient inflation-output trade-off within a continuous-time econometric model of the Italian economy, in order to examine the differences in the 'policy possibility frontiers' which arise as the result of cooperative and of noncooperative decision-making. The results show that the outcomes obtained in the case of noncooperation are inferior to those under cooperation, and also impose a policy conflict which would not otherwise be present. Moreover the range of policy choices open to the policy-makers is reduced under noncooperation. The results indicate that efficiency gains are not the only reason for coordinating fiscal and monetary policies.
主题International Macroeconomics
关键词Agency coordination Continuous time models Differential games Fiscal policy Italy monetary policy
URLhttps://cepr.org/publications/dp251
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/529408
推荐引用方式
GB/T 7714
Andrew Hughes Hallett,Maria Luisa Petit. DP251 Decentralised Policies and Efficient Trade-Offs: An Essay on the Costs of Uncoordinated Fiscal and Monetary Policies. 1988.
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