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The contribution by the Austrian economist Friedrich von Hayek to monetary theory stimulates a far-reaching debate on … money. Since the early 1930s Hayek had been concerned about the role of money in the theory of production (Hayek, 1931 …). Influenced by Eugene Bohm-Bawerk’s theory of capital, Hayek deeply examined the effects of monetary policy on the process of …
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This paper explicitly models strategic interaction between two independent national fiscal authorities and a single central bank in a simple New Keynesian model of a monetary union. Monetary policy is constrained by the zero lower bound on nominal interest rates. Coordination of fiscal policies...
Persistent link: https://www.econbiz.de/10009671236
eighties. Recommendations of economic theory towards coordination of macropolicy at a supranational level, taken up as a … mainly based on game theory. Although the theoretical base for these arguments is widely accepted, the resulting policy …
Persistent link: https://www.econbiz.de/10009580503
This paper offers a framework to study commitment and cooperation issues in games with multiple policymakers. To reconcile some puzzles in the recent literature on the nature of policy interactions among nations, we prove that games characterized by different commitment and cooperation schemes...
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Variable der Finanzpolitik und Variationen kurzfristiger Zinssätze durch die Geldpolitik. Danach werden Reaktionen der …
Persistent link: https://www.econbiz.de/10011402107
In this paper, we analyze coordination of macroeconomic stabilization policies within the EMU by focusing, in a dynamic set-up, on asymmetries, externalities, and the existence of a multi-country context. We study how coalitions among fiscal and monetary authorities are formed and what are their...
Persistent link: https://www.econbiz.de/10011410410