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Título:
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Fixed exchange rates and non-cooperative monetary policies
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Autores:
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Sebastian Gascón, Miguel
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Tipo de documento:
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texto impreso
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Editorial:
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Facultad de Ciencias Económicas y Empresariales. Decanato, 1987
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Dimensiones:
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application/pdf
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Nota general:
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cc_by_nc_sa
info:eu-repo/semantics/openAccess
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Idiomas:
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Palabras clave:
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Estado = Publicado
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Materia = Ciencias Sociales: Economía: Cooperación económica
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Tipo = Documento de trabajo o Informe técnico
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Resumen:
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This paper presents a model which in a world with fixed exchange rates and absence of capital controls non-cooperative game yield multiple Nash equilibria with nonoptimal allocations, when we introduce regimes as strategies for the players. In general there is a unique Perfect Equilibrium for the game with both strategies. The sub-optimality of the non-cooperative solution provides scope for international coordination, in the form of joint choice of non-inflationary polices that dominate the Nash equilibria allocations.
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En línea:
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https://eprints.ucm.es/id/eprint/21317/1/8714.pdf
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