EuroMod: a macroeconomic model of a “mini Euro area”
In this paper we apply the dynamic games framework to a monetary union. We use a small nonlinear four-country macroeconomic model of an economic and monetary union (EuroMod) for analysing the interactions between the fiscal policy-makers and the central bank, assuming different objective functions o...| Link(s) zu Dokument(en): | IHS Publikation |
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| Hauptverfasser: | , |
| Format: | Book Contribution NonPeerReviewed |
| Sprache: | Englisch |
| Veröffentlicht: |
Peter Lang
2016
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| Zusammenfassung: | In this paper we apply the dynamic games framework to a monetary union. We use a small nonlinear four-country macroeconomic model of an economic and monetary union (EuroMod) for analysing the interactions between the fiscal policy-makers and the central bank, assuming different objective functions of these decision makers. Using the OPTGAME algorithm we calculate solutions for two game strategies: one cooperative (Pareto optimal) and one non-cooperative game type (the Nash game for the feedback information pattern). (author's abstract) |
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