Title :
Modeling and control of economies in the European Monetary Union
Author :
Behrens, Doris A.
Author_Institution :
Dept. of Econ., Klagenfurt Univ., Austria
Abstract :
The paper shows how to use a stylized game-theoretic model of the European Monetary Union to obtain insights about policy recommendations for decision-makers in the European Central Bank and the governments in Euroland. By means of the OPTGAME 2.0 algorithm, we explain why different solution concepts for the dynamic game between the ECB and the national fiscal policies result in conflicts and how they can be resolved
Keywords :
computer games; decision theory; economic cybernetics; economics; game theory; government policies; ECB; Euroland; European Central Bank; European Monetary Union; OPTGAME 2 algorithm; decision-makers; dynamic game; economy modeling; national fiscal policies; policy recommendations; stylized game-theoretic model; Centralized control; Contracts; Councils; Finance; Game theory; Government; Mechanical factors; Neck; Optimal control; Software packages;
Conference_Titel :
American Control Conference, 2001. Proceedings of the 2001
Conference_Location :
Arlington, VA
Print_ISBN :
0-7803-6495-3
DOI :
10.1109/ACC.2001.945863
