The Theory of Economic Policy in a Strategic Context

Business & Finance, Economics, Money & Monetary Policy, Nonfiction, Social & Cultural Studies, Political Science, Politics, Economic Policy
Cover of the book The Theory of Economic Policy in a Strategic Context by Nicola Acocella, Giovanni Di Bartolomeo, Andrew Hughes Hallett, Cambridge University Press
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Author: Nicola Acocella, Giovanni Di Bartolomeo, Andrew Hughes Hallett ISBN: 9781139794169
Publisher: Cambridge University Press Publication: November 1, 2012
Imprint: Cambridge University Press Language: English
Author: Nicola Acocella, Giovanni Di Bartolomeo, Andrew Hughes Hallett
ISBN: 9781139794169
Publisher: Cambridge University Press
Publication: November 1, 2012
Imprint: Cambridge University Press
Language: English

In 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 critique but also applies the tools introduced by Tinbergen and Theil to dynamic policy games, and from there derives a new theory of economic policy. Its main propositions describe such properties in the models currently used for policy-making as neutrality and equilibrium existence, uniqueness, and multiplicity. These properties are key to understanding the impact of concepts such as rational expectations, time inconsistency, communication and the use of policy announcements. As the numerous examples show, they are useful both for model building and for devising optimal institutions. The Theory of Economic Policy in a Strategic Context is an essential but accessible tool for economic researchers involved in policy questions.

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In 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 critique but also applies the tools introduced by Tinbergen and Theil to dynamic policy games, and from there derives a new theory of economic policy. Its main propositions describe such properties in the models currently used for policy-making as neutrality and equilibrium existence, uniqueness, and multiplicity. These properties are key to understanding the impact of concepts such as rational expectations, time inconsistency, communication and the use of policy announcements. As the numerous examples show, they are useful both for model building and for devising optimal institutions. The Theory of Economic Policy in a Strategic Context is an essential but accessible tool for economic researchers involved in policy questions.

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