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Why the EMS? Dynamic Games and the Equilibrium Policy Regime

In: Global Macroeconomics: Policy Conflict and Cooperation

Author

Listed:
  • David Begg

    (Birkbeck College
    CEPR)

  • Charles Wyplosz

    (CEPR
    INSEAD)

Abstract

Given a complete specification of a policy maker’s preferences (her objective function) and of the economic structure which constrains the choice of policy variables, it is conceptually straightforward to compute the optimal policy. Within such a framework, the notion of a policy regime has little meaning. The dependence of the optimal policy on the specification of the objective function and on the economic structure is essentially continuous: small changes in preferences or constraints will typically lead to small changes in the rules which govern optimal policies.

Suggested Citation

  • David Begg & Charles Wyplosz, 1987. "Why the EMS? Dynamic Games and the Equilibrium Policy Regime," International Economic Association Series, in: Ralph C. Bryant & Richard Portes (ed.), Global Macroeconomics: Policy Conflict and Cooperation, chapter 6, pages 193-236, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-18916-8_6
    DOI: 10.1007/978-1-349-18916-8_6
    as

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    Citations

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    Cited by:

    1. Bernard Bensaïd & Olivier Jeanne, 1996. "Fragilité des systèmes de change fixe et contrôle des capitaux," Économie et Prévision, Programme National Persée, vol. 123(2), pages 163-174.
    2. Michele Fratianni & Juergen Hagen, 1990. "German dominance in the EMS," Open Economies Review, Springer, vol. 1(1), pages 67-87, February.
    3. van der Ploeg, F., 1990. "Macroeconomic policy coordination during the various phases of economic and monetary integration in Europe," Discussion Paper 1990-61, Tilburg University, Center for Economic Research.
    4. Garcia Rocabado, Daniel, 2010. "The road to monetary union in Latin America: An EMS-type fixed exchange rate system as an intermediate step," W.E.P. - Würzburg Economic Papers 85, University of Würzburg, Department of Economics.
    5. Christian Bordes & Éric Girardin & Velayoudom Marimoutou, 1996. "Le nouveau SME est-il plus asymétrique que l'ancien ?," Économie et Prévision, Programme National Persée, vol. 123(2), pages 175-188.
    6. Bensaid, Bernard & Jeanne, Olivier, 1997. "The instability of fixed exchange rate systems when raising the nominal interest rate is costly," European Economic Review, Elsevier, vol. 41(8), pages 1461-1478, August.
    7. Olivier Jeanne, 1996. "Les modèles de crise de change : un essai de synthèse en relation avec la crise du franc de 1992-1993," Économie et Prévision, Programme National Persée, vol. 123(2), pages 147-162.

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