Macroeconomic policy games

Bodenstein, Martin, Luca Guerrieri, and Joe LaBriola. “Macroeconomic policy games.” Journal of Monetary Economics 101 (2019): 64-81. [free-link]

To facilitate the study of strategic interactions between policymakers, we develop a toolbox that characterizes the welfare-maximizing cooperative Ramsey policies under full commitment and open-loop Nash games from the timeless perspective. Our algorithm automates the analytical derivation of the conditions for an equilibrium under cooperative and open-loop Nash games.

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