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30 août 2018
- handle: 10670/1.0ywms8
- hal: hal-03815028
http://creativecommons.org/licenses/by-nc-nd/ , info:eu-repo/semantics/OpenAccess
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Jean Barthélemy et al., « Fiscal and Monetary Regime: A Strategic Approach », Archive ouverte de Sciences Po (SPIRE), ID : 10670/1.0ywms8
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This paper develops a full-fledged strategic analysis of Wallace's "game of chicken". A public sector facing legacy nominal liabilities is comprised of fiscal and monetary authorities that respectively set the primary surplus and the price level in a non-cooperative fashion. We find that the post 2008 feature of indefinitely postponed fiscal consolidation and rapid expansion of the Federal Reserve's balance sheet is consistent with a strategic setting in which neither authority can commit to a policy beyond its current mandate, and the fiscal authority moves before the monetary one at each date.