Fixed exchange rates and non-cooperative monetary policies
| dc.contributor.author | Sebastián Gascón, Miguel | |
| dc.date.accessioned | 2023-06-21T02:56:54Z | |
| dc.date.available | 2023-06-21T02:56:54Z | |
| dc.date.issued | 1987 | |
| dc.description.abstract | This paper presents a model which in a world with fixed exchange rates and absence of capital controls non-cooperative game yield multiple Nash equilibria with nonoptimal allocations, when we introduce regimes as strategies for the players. In general there is a unique Perfect Equilibrium for the game with both strategies. The sub-optimality of the non-cooperative solution provides scope for international coordination, in the form of joint choice of non-inflationary polices that dominate the Nash equilibria allocations. | |
| dc.description.department | Decanato | |
| dc.description.faculty | Fac. de Ciencias Económicas y Empresariales | |
| dc.description.refereed | TRUE | |
| dc.description.status | pub | |
| dc.eprint.id | https://eprints.ucm.es/id/eprint/21317 | |
| dc.identifier.issn | 2255-5471 | |
| dc.identifier.relatedurl | http://economicasyempresariales.ucm.es/working-papers-ccee | |
| dc.identifier.relatedurl | https://economicasyempresariales.ucm.es/working-papers-ccee | |
| dc.identifier.uri | https://hdl.handle.net/20.500.14352/65976 | |
| dc.issue.number | 14 | |
| dc.language.iso | eng | |
| dc.page.total | 82 | |
| dc.publication.place | Madrid | |
| dc.publisher | Facultad de Ciencias Económicas y Empresariales. Decanato | |
| dc.relation.ispartofseries | Documentos de Trabajo de la Facultad de Ciencias Económicas y Empresariales | |
| dc.rights | Atribución-NoComercial-CompartirIgual 3.0 España | |
| dc.rights.accessRights | open access | |
| dc.rights.uri | https://creativecommons.org/licenses/by-nc-sa/3.0/es/ | |
| dc.subject.keyword | Tipos de cambio fijos | |
| dc.subject.keyword | Políticas monetarias no cooperativas | |
| dc.subject.keyword | Nash | |
| dc.subject.keyword | Fixer exchange rates | |
| dc.subject.keyword | Monetary policies non-coperative | |
| dc.subject.ucm | Cooperación económica | |
| dc.title | Fixed exchange rates and non-cooperative monetary policies | |
| dc.type | technical report | |
| dc.volume.number | 1987 | |
| dcterms.references | -Balasko. Y., and Shell. K., "The Overlapping-Generations Model I: The Case of Pure Exchange Without Money», Journa of Economic Theory 23 (1980). -Bryant, T., Money and Monetary Policy in Interdependent Nations, Washington, D.F.: Brookings Institution (1980). -Cooper, R., The Economics of Interdpendence, New York: McGraw-Hill (1968). -Cooper, R., "Economic Interdependence and Coordination of Economic Policies", in Handbook of International Economics, Volume II, Jones, R., and Kennen, P., editors, Amsterdam: North-Holland (1985). -Debreu, G., "Existence of Competitive Equilibrium", in Handbook of Mathematical Economics, Volume II, Arrow, K. and Itriligator, M., Editors. Amsterdam: Noth-Holland (1982). -Fisher. S., "Seignorage and the Case for National Money Journal of Political Economy 90(1982). -Friedman. J., Oligopoly Theory, Cambridge Surveys of Economic Literature (1983). -Hamada, K., "A Strategic Analyals of Monetary Interdependence", Journal of Public Economy 94(4) (1976). -Hamada, K., "Macroeconomic Strategy and Coordination under Alternative Exchange Rates", in International economic Policy: Theory and Evidence, Dornbusch. R., and Frenkel,J., editors, Baltimore: The John Hopklns University Press (1983). -Helpman, E., "An Exploration in the Theory of Exchange Rates Regimes.", Journal of Political Economy 89 (1981). -Helpman, E., and Razin, A., "Towarda a Consistent Comparison of Alternative Exehange Rate Regimes", CJE 12(3) (1919). -Ingram, J., International Economics, New York: J. Wiley (1983). -Kareken, J., and Wallace, N., "Samuleson's Consumption Loan Model with Country-Specific Fiat Monie", Federal Reserve Bank 01 Minneapolis Staff Report R24, (1970). -Kareken, J., and Wallace, N., "On the Indeterminacy of Equilibrium Exehange Rates", Quarterly Journal of Economics (1981). -Kehoe, P., ·Coordination of Fiscal Policies in a World Economy", mimeo. Universlty of Minnesota (1984). -Kehoe, P., "Losses from Trade in a World of Disparate Fiscal Policies", mimeo, University of Minnesota (1984). -Lucas, R.E., "Equilibrium in a Pure Currency Model", in Kareken, J., and Wallace, N., editors, Models of Monetary Economies, Federal Reserve Bank ol Minneapolis (1980). -Lucas, R.E., "Interest Rates and Currency Prices in a Two-Country World", Journal of Monetary Economics 10 (1984). -Miller, P., and Wallace, N., "National Monetary Policies in a World Economy: A role for Cooperation", Working Paper R268, Federal Reserve Bank of Minneapolis (1985). -Moulin, H., Game Theory for the Social Sciences, New York: New York University Press (1981). -Mussa, M., "Macroeconomic lnterdependance and the Exchange Rate Regime", in International Economic Policy, Theory and Evidence (see (9)). -Myerson, R., "An Introduction to Game Theory", Discussion Paper R623, Northwestern University. -Nickelsburg, G., "Dynamic Exchange Rate Quilibria with uncertain Government Policy". Review of Economic Studies 51 (1984). -Niehaus, J., "Monetary and Fiscal Policies in Open Economics under Fixed Exchange Rates: An Optimizing Approach". Journal of Political Economy 76(4), (1981). -Sargent, T., "Cash in Advance Models", mimeo, University of Minnesota (1984). -Sargent, T., "Energy Foresight and Strategy, Washington, D.C., Resources for the Future (1985). -Sebastian, M., "Fixed Exchange Rates and Non-Cooparative Monetary Policies", University of Minnesota, Ph.D. Dissertation (1985). -Svensson, L., "Money and Asset Pricing in a Cash in Advance Economy". Seminar Paper R267, Institute for International Economic Studies, Stockholm (1983). -Wallace, N., "The Overlapping Genarations Model of Fiat Money", In Models of Monetary Economics, Kareken, J., and Wallace, N., editors, Federal Reserve Bank of Minneapolis (1980). | |
| dspace.entity.type | Publication | |
| relation.isAuthorOfPublication | 6ecc5974-29eb-4e7b-a250-3c61456e1535 | |
| relation.isAuthorOfPublication.latestForDiscovery | 6ecc5974-29eb-4e7b-a250-3c61456e1535 |
Download
Original bundle
1 - 1 of 1
