The Theory of Economic Policy in a Strategic Context
Author: Nicola Acocella, Giovanni Di Bartolomeo and Andrew Hughes Hallett
A new unified theory of economic policy which responds to conflicts between strategic public and private policymakers.
This new theory of economic policy accommodates and responds to conflicts between strategic actions by public and private agents. It is an essential tool for understanding the real impact of policy neutrality, rational expectations, time inconsistency and policy announcements, and suggests institution designs with optimal chances of success.
Hardcover
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Summary
A new unified theory of economic policy which responds to conflicts between strategic public and private policymakers.
This new theory of economic policy accommodates and responds to conflicts between strategic actions by public and private agents. It is an essential tool for understanding the real impact of policy neutrality, rational expectations, time inconsistency and policy announcements, and suggests institution designs with optimal chances of success.
Description
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.
About the Author
Nicola Acocella is Professor of Economic Policy at Università degli Studi di Roma 'La Sapienza', Italy. Giovanni Di Boartolomeo is Associate Professor of Economics at Università degli Studi di Teramo, Italy, where he is also Director of the postgraduate course in Management and Business Communication. Andrew Hughes Hallett is Professor of Economics and Public Policy at George Mason University, Virginia and Professor of Economics at the University of St Andrews. He is a Fellow of the Royal Society of Edinburgh.
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