FW: Monetary and Fiscal Strategies in the World Economy 2 pptx

... 1 uAM0.5M=− + (2) 11 1 2 B M 0.5Mπ= + − (3) 22 2 1 BM0.5Mπ= + − (4) And the Nash equilibrium can be described by two equations: 1 121 2 3M 2A A 2B B=+−− (5) 22 121 3M 2A A 2B B=+−− (6) ... refers to the common supply shock. In terms of the model there is an increase in 1 B of 3 units, as there is in 1 A . And there is an increase in 2 B of 3 units,...

Ngày tải lên: 21/06/2014, 07:20

... Carlberg, Monetary and Fiscal Strategies in the World Economy, 117 DOI 10.1007/978-3-6 42- 10476-3_17, © Springer-Verlag Berlin Heidelberg 20 10 106 2 11 Lu= (7) 2 22 Lu= (8) The initial ... In terms of the model there is an increase in 1 B of 3 units, as there is in 1 A . And there is an increase in 2 B of 3 units, as there is in 2 A . S...

Ngày tải lên: 21/06/2014, 07:20

... −− (2) 11 1 21 2 B M 0.5M G 0.5Gπ= + − + + (3) 22 2 12 1 B M 0.5M G 0.5Gπ= + − + + (4) M. Carlberg, Monetary and Fiscal Strategies in the World Economy, 141 DOI 10.1007/978-3-6 42- 10476-3_19, ... 111 2 uAG0.5G=−− (1) 22 2 1 uAG0.5G=−− (2) 111 2 BG0.5Gπ= + + (3) 22 2 1 BG0.5Gπ= + + (4) 111 sGT=− (5) 22 2 sGT=− (6) The policy makers are...

Ngày tải lên: 21/06/2014, 07:20

... 1 2 22 12 1 2 22 L(BM0.5MG0.5G) (A M 0.5M G 0.5G ) (G T ) =+− ++ +−+ −− +− Then the first-order conditions for a minimum loss are: 22 2 21 1 2M A B 2G G M=−− −+ (15) 22 22 211 3G A B T 2M ... this problem is as follows: 1 121 2 3M 2A A 2B B 9T=+−−− (19) 22 121 3M 2A A 2B B 9T=+−−− (20 ) 1 GT= (21 ) 2 GT= (22 ) Equations (19) to (22 ) show the Nash e...

Ngày tải lên: 21/06/2014, 07:20

... Carlberg (1999, 20 00, 20 01, 20 02, 20 03, 20 04, 20 05, 20 06a, 20 06b, 20 07, 20 08, 20 09). Volume two (20 00) deals with the scope and limits of macroeconomic policy in a monetary union. The leading protagonists ... in an Uncertain World, in: M. Buti, ed., Monetary and Fiscal Policy in EMU, Cambridge 20 03 LAWLER, P., Monetary Policy and Asymmetr...

Ngày tải lên: 21/06/2014, 07:20

... aggregate demand. In terms of the model there is an increase in A of 2 units and a decline in B of equally 2 units. Monetary and Fiscal Cooperation 42 of inflation by 1 percentage point. However, ... follows: 22 2 L(BMG) (AMG) (GT)=++ +−− +− (5) Then the first-order conditions for a minimum loss are: 2M A B 2G=−− (6) M. Carlberg, Monetary and...

Ngày tải lên: 20/06/2014, 23:20

... demand for European and American goods. In terms of the model there is an increase in 1 A of 3 units, a decline in 1 B of 3 units, an increase in 2 A of 3 units, and a decline in 2 B of ... refers to the common supply shock. In terms of the model there is an increase in 1 B of 3 units, as there is in 1 A . And there is an increase in 2 B of 3 units,...

Ngày tải lên: 20/06/2014, 23:20

... 1 121 21 2 5M 2A A 2B B 3G 4M=−−+−+ (7) 22 121 21 5M 2A A 2B B 3G 4M=−−+−+ (8) 1 121 2 12 5G 2A A 2B B 3M 4G=+−−−− (9) 22 121 21 5G 2A A 2B B 3M 4G=+−−−− (10) Equation (7) shows the first-order ... the demand for European and American goods. In terms of the model there is an increase in 1 A of 3 units, a decline in 1 B of 3 units, an increase in 2 A o...

Ngày tải lên: 20/06/2014, 23:20

... follows: 1 121 2 6M A 2A 9B 6B 18T=− − − − − (19) 22 121 6M A 2A 9B 6B 18T=− − − − − (20 ) 111 2G A B 2T=++ (21 ) 22 2 2G A B 2T=++ (22 ) Equations (19) to (22 ) show the Nash equilibrium ... bank, the European government, and the American government are respectively: 2 11 LM =π (11) 22 22 2 LM u=π + ( 12) 22 111 LG u s=+ (13) 22 22 2 LG u s=+ (...

Ngày tải lên: 20/06/2014, 23:20

... minimum loss are: 1 121 21 2 5M 2A A 2B B 3G 4M=−−+−+ (9) 22 121 21 5M 2A A 2B B 3G 4M=−−+−+ (10) 1 121 21 12 7G 2A A 2B B 2T 3M 4G=+−−+−− (11) 22 121 221 7G 2A A 2B B 2T 3M 4G=+−−+−− ( 12) ... Unemploy- 1. Monetary Policies in Europe and America 22 1 22 222 2 121 2 12 Luuss=π+π++++ (1) The initial loss is zero. The demand shock in Europe causes a loss...

Ngày tải lên: 20/06/2014, 23:20