Wyniki wyszukiwania - BazTech

Ograniczanie wyników

1 Control and Cybernetics

1 2016

Powiadomienia systemowe

Sesja wygasła!

Znaleziono wyników: 1

Liczba wyników na stronie

Wyniki wyszukiwania

Wyszukiwano:
w słowach kluczowych: Nash equilibria

Sortuj według:

Ogranicz wyniki do:

Analysis of strategies in a monetary-ﬁscal game. The case of Poland

Krus L., Woroniecka-Leciejewicz I.

Control and Cybernetics

2016

Vol. 45, no. 2

163--183

A monetary-ﬁscal game describing the interactions of the ﬁscal and monetary authorities is formulated and analyzed. A macroeconomic model for the Polish economy has been formulated on the basis of the concept of New Neoclassical Synthesis and respectively extended so as to accommodate the eﬀects of ﬁscal policy. Several variants of the model have been estimated using statistical data for the Polish economy. It is assumed in the game that each party (monetary and ﬁscal) tries to achieve its own goal: the ﬁscal authority – the assumed GDP growth, and the monetary authority – an inﬂation level. The best response strategies of the authorities and the Nash equilibria are calculated and analyzed in two cases, namely when the decisions are made simultaneously and sequentially. The simulation results obtained indicate that when the authorities try to achieve independently their goals, in a general case the Nash equilibrium is not Pareto optimal. The best response strategies may lead to conﬂict escalation and to results which are not beneﬁcial for both parties.