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Central Bank Independence and Public Debt Convergence in an Open Economy Dynamic Game

Author

Listed:
  • Della Posta, P.

Abstract

A realistic objective function for the atomistic central Bank and Treasury of a country adhering to a fixed exchange rate agreement like the EMS, would contain the public debt ;evel, to be minimized for example to meet one of the requirements contained in the Maastricht Treaty, and foreign reserves, that cannot go beyond a lower limit if the country does not want to renege on the exchange rate commitment.

Suggested Citation

  • Della Posta, P., 1997. "Central Bank Independence and Public Debt Convergence in an Open Economy Dynamic Game," Economics Working Papers eco97/28, European University Institute.
    • Handle: RePEc:eui:euiwps:eco97/28
    as

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    More about this item

    Keywords

    GAMES ; CENTRAL BANKS ; DEBT;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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