G2TT
来源类型Discussion paper
规范类型论文
来源IDDP1163
DP1163 Tests of the 'Convergence Hypothesis': Some Further Results
Daniel Cohen
发表日期1995-04-30
出版年1995
语种英语
摘要This paper provides a comprehensive assessment of the open economy aspects of the 'delegation game' in which the operation of monetary policy is delegated to independent and `conservative' central bankers with a greater dislike of inflation than the public. When all countries optimally and independently choose the conservatism of their bankers a highly inefficient Nash equilibrium can result. This inefficiency increases as the number of countries increases, the correlation of shocks increases, and if there is unemployment persistence. Delegation can be counterproductive in the sense that the non-cooperative equilibrium of the delegation game results in a lower welfare than that of the representative bankers game.
主题International Macroeconomics
关键词Conservative bankers Delegation game monetary policy Open economy
URLhttps://cepr.org/publications/dp1163
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/530305
推荐引用方式
GB/T 7714
Daniel Cohen. DP1163 Tests of the 'Convergence Hypothesis': Some Further Results. 1995.
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