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This paper studies the institutional design of the coordination of macroeconomic stabilization policies within a monetary union in the framework of linear quadratic differential games. A central role in the analysis plays the partitioned game approach of the endogenous coalition formation...
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Geldpolitik, und die zwölf Mitgliedsländer legen unabhängig voneinander die jeweiligen Fiskalpolitiken fest. Während bei den einen … Makropolitik im neu-keynesianischen Modell momentan nur wenig institutionelles Potential für eine Koordination besteht. Einerseits … gemeinsamen Geldpolitik, andererseits reichen die vorhandenen Institutionen nicht aus, um eine Koordination von Geld- und …
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In this paper we consider a number of key issues related to the policy coordination in a monetary union that has been recently discussed in the literature. To this end we propose a multi-country New-Keynesian model of a monetary union cast in the framework of linear quadratic differential games....
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