An evolutionary theory of the convergence towards low inflation rates
This paper presents an evolutionary interpretation of Barro-Gordon's monetary policy game. The model describes a multi-country setup where governments and private agents are boundedly rational players. The behavioral rule of players' decisions leads to the imitation of the strategy giving...
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| Published in | Journal of evolutionary economics Vol. 15; no. 1; pp. 51 - 64 |
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| Main Authors | , |
| Format | Journal Article |
| Language | English |
| Published |
Heidelberg
Springer Nature B.V
01.03.2005
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| Subjects | |
| Online Access | Get full text |
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| Abstract | This paper presents an evolutionary interpretation of Barro-Gordon's monetary policy game. The model describes a multi-country setup where governments and private agents are boundedly rational players. The behavioral rule of players' decisions leads to the imitation of the strategy giving the highest payoff. In this evolutionary monetary policy game, we show how a low inflation state is reached from an international context dominated by inflationary policies. The analysis explains the convergence towards low inflation rates observed during the past twenty years. Moreover, the low inflation state appears to be the long-run equilibrium of the game under some conditions featuring the observed macroeconomic context. [PUBLICATION ABSTRACT] |
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| AbstractList | This paper presents an evolutionary interpretation of Barro-Gordon's monetary policy game. The model describes a multi-country setup where governments and private agents are boundedly rational players. The behavioral rule of players' decisions leads to the imitation of the strategy giving the highest payoff. In this evolutionary monetary policy game, we show how a low inflation state is reached from an international context dominated by inflationary policies. The analysis explains the convergence towards low inflation rates observed during the past twenty years. Moreover, the low inflation state appears to be the long-run equilibrium of the game under some conditions featuring the observed macroeconomic context. [PUBLICATION ABSTRACT] This paper presents an evolutionary interpretation of Barro-Gordon's monetary policy game. The model describes a multi-country setup where governments and private agents are boundedly rational players. The behavioral rule of players' decisions leads to the imitation of the strategy giving the highest payoff. In this evolutionary monetary policy game, we show how a low inflation state is reached from an international context dominated by inflationary policies. The analysis explains the convergence towards low inflation rates observed during the past twenty years. Moreover, the low inflation state appears to be the long-run equilibrium of the game under some conditions featuring the observed macroeconomic context. Reprinted by permission of Springer |
| Author | Vignolo, Thierry d’Artigues, Agnés |
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| Copyright | Copyright Springer-Verlag 2005 |
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| DOI | 10.1007/s00191-004-0195-y |
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| SubjectTerms | Behavior Economic behaviour Economic models Equilibrium Evolution Evolutionary economics Game theory Inflation Inflation rate International Mathematical methods Monetary economics Monetary policy Private sector Rationality Studies |
| Title | An evolutionary theory of the convergence towards low inflation rates |
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