Alogoskoufis, George - C.E.P.R. Discussion Papers - 1987
countries are small, and one where there is a Stackelberg leader. The focus is on the 1985 target zones proposal of Williamson … additional constraint imposed by target zones might hinder rather than promote world stabilization. However, if the only country … constrained in its use of fiscal policy is the Stackelberg leader, target zones might reproduce the optimal world monetary …