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Macroeconomic Policy Interaction under EMU: A Dynamic Game Approach |
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| Authors: | Van Aarle Bas Engwerda Jacob C. Plasmans Joseph E.J. Weeren Arie |
| Affiliation: | (1) University of Leuven, LICOS, Debériotstraat 34, 3000 Leuven, Belgium;(2) Department of Applied Economics, University of Nijmegen, P.O. Box 9108, Nijmegen, The Netherlands;(3) Department of Econometrics, Tilburg University, P.O. Box 90153, 5000 LE Tilburg, The Netherlands;(4) Department of Econometrics, UFSIA (University of Antwerp), Prinsstraat 13, 2000 Antwerp, Belgium |
| Abstract: | In this article, we study macroeconomic stabilization in the Economic and Monetary Union (EMU) using a dynamic game approach. With the aid of a stylized macroeconomic model, this article analyzes the transmission and interaction of national fiscal policies and monetary policy of the European Central Bank (ECB) in the EMU. A special focus is on the effects of labor market institutions in the participating countries and of the introduction of fiscal stringency criteria like those imposed in the Stability and Growth Pact. |
| Keywords: | macroeconomic stabilization EMU linear quadratic differential games Riccati equations |
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