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The Theory of Economic Policy in a Strategic Context

ISBN: 9781107023864 | 1107023866
Edition: 1st
Format: Hardcover
Publisher: Cambridge Univ Pr
Pub. Date: 12/17/2012

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SummaryTable of Contents
This new theory of economic policy accommodates and responds to conflicts between strategic actions by public and private agents. It is an essential tool for understanding the real impact of policy neutrality, rational expectations, time inconsistency and policy announcements, and suggests institution designs with optimal chances of success.

Developing a new and highly innovative theory of economic policy, this book deals with conflicts between strategic actions by public and private agents. It builds on the Lucas ... MORE
... MORE
List of figures
List of tables
Preface
Common symbols
An overview: the realm of economic policy
The Classical Theory of Economic Policy
Statics
Dynamics
From the Classical to the New Theory of Economic Policy
The Lucas critique
Policy games: an introduction
The New Theory of Economic Policy: Statics
A theory of strategic conflict: foundations
From individual players to system controllability
Conflicts and coordination among groups
Announcements as a coordination mechanism
The New Theory of Economic Policy: Dynamics
Controllability in a strategic dynamic setting
Dynamic policy games with rational expectations
Credibility, dynamic controllability and rational expectations
Institution building: inflation, sustainable growth and debt control
Conclusions
References
Table of Contents provided by Publisher. All Rights Reserved.


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