The Resource Coordination and policy traps, [by] George-Marios Angeletos, Christian Hellwig [and] Alessandro Pavan., (electronic resource)

Coordination and policy traps, [by] George-Marios Angeletos, Christian Hellwig [and] Alessandro Pavan., (electronic resource)

Label
Coordination and policy traps
Title
Coordination and policy traps
Statement of responsibility
[by] George-Marios Angeletos, Christian Hellwig [and] Alessandro Pavan.
Creator
Contributor
Provider
Subject
Language
eng
Summary
This paper examines the ability of a policy maker to fashion equilibrium outcomes in an environment where market participants play a coordination game with heterogeneous information. We consider a simple model of regime change that embeds many applications examined in the literature. In equilibrium, the policy maker is willing to take a costly policy action only for moderate fundamentals. Market participants can use this information to coordinate on different responses to the same policy choice, thus inducing policy traps, where the optimal policy and the resulting regime outcome are dictated by self-fulfilling market expectations. Despite equilibrium multiplicity, robust predictions can be made. The probability of regime change is monotonic in the fundamentals, the policy maker intervenes only in a region of intermediate fundamentals, and this region shrinks as the information in the market becomes precise. JEL Classification: C72, D70, D82, D84, E52, E61, F31
Member of
Additional physical form
Abstract in HTML and working paper for download in PDF available via World Wide Web at the Social Science Research Network.
Cataloging source
MYG
http://library.link/vocab/creatorName
Angeletos, Marios
Illustrations
illustrations
Index
no index present
Literary form
non fiction
Nature of contents
  • bibliography
  • technical reports
http://library.link/vocab/relatedWorkOrContributorName
  • Hellwig, Christian
  • Pavan, Alessandro
  • Massachusetts Institute of Technology
  • Internet Archive
Series statement
Working paper series / Massachusetts Institute of Technology, Dept. of Economics
Series volume
working paper 03-18, Rev
http://library.link/vocab/subjectName
  • Monetary policy
  • Inflation (Finance)
Label
Coordination and policy traps, [by] George-Marios Angeletos, Christian Hellwig [and] Alessandro Pavan., (electronic resource)
Instantiates
Publication
Note
"May 2003. Rev. September 2003."
Bibliography note
Includes bibliographical references (p. 34-36)
Dimensions
28 cm.
Edition
Rev.
Extent
36, [2] p.
Other physical details
ill.
Specific material designation
remote
System control number
  • (OCoLC)55482647
  • (CaSfIA)coordinationpoli00ange2
  • (CaSfIA)001259540
Label
Coordination and policy traps, [by] George-Marios Angeletos, Christian Hellwig [and] Alessandro Pavan., (electronic resource)
Publication
Note
"May 2003. Rev. September 2003."
Bibliography note
Includes bibliographical references (p. 34-36)
Dimensions
28 cm.
Edition
Rev.
Extent
36, [2] p.
Other physical details
ill.
Specific material designation
remote
System control number
  • (OCoLC)55482647
  • (CaSfIA)coordinationpoli00ange2
  • (CaSfIA)001259540

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