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| Author: | Martinez Oliva, J. C. Sinn, S. |
| Title: | The game-theoretic approach to international policy coordination: assessing the role of targets |
| Journal: | Weltwirtschaftliches Archiv
1988 : VOL. 124:2, p. 252-268 |
| Index terms: | GAME THEORY POLICY MAKING INTERNATIONAL |
| Language: | eng |
| Abstract: | Game-theoretic models of international policy coordination do not take target values explicitly into account. The article demonstrates that starting from a Nash equilibrium, target adjustment as a reaction to exogenous shock is equivalent in welfare terms to coordination of economic policies. When starting from a cooperative equilibrium however, immediate and coordinated adjustment of the target seems to be superior. |
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