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The Choice of Monetary Instrument in Two Interdependent Economies Under Uncertainty / Stephen J. Turnovsky, Vasco d'Orey.
- Format:
- Book
- Author/Creator:
- Turnovsky, Stephen J.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w2604.
- NBER working paper series no. w2604
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 1988.
- Summary:
- This paper analyzes the choice of monetary instrument in a stochastic two country setting where each country's set of monetary policy instruments includes both the money supply and the interest rate. It shows how the optimal choice of instrument is determined In two stages. First, for each pair, the minimum welfare coat for each economy is determined This defines a par of payoff matrices and the second stage involves determining the Nash equilibrium for this bimatrix game. In our illustrative example for the alternative shocks considered, a dominant Nash equilibrium is always obtained.
- Notes:
- Print version record
- June 1988.
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