危机冲击、汇率制度与货币政策协调研究

发布时间：2018-03-11 12:24

本文选题：Stackelberg博弈　切入点：古诺博弈　出处：《华东师范大学学报(哲学社会科学版)》2011年06期 　论文类型：期刊论文

【摘要】：经济全球化和金融市场一体化的发展,需要各国货币政策和汇率政策的协调。通过对两国模型的浮动汇率下和固定汇率下古诺博弈和Stackelberg博弈的分析发现,当存在对称性危机冲击时,领头国货币供应减少量从小到大依次为:固定汇率下Stackelberg均衡、固定汇率下古诺均衡、浮动汇率下Stackelberg均衡、浮动汇率下古诺均衡。追随国货币供应减少量为:固定汇率下Stackelberg均衡小于浮动汇率下的结果,但固定汇率下古诺解中货币供应减少量更小。对称性冲击下追随国的损失在固定汇率下Stackelberg均衡时最小;领头国的损失在固定汇率下达到Stackelberg均衡时也最小,因此,合作博弈能增强抵御外部冲击的能力。面对金融危机的强烈负向冲击,各国应联合起来增加货币信贷供给,维持汇率的稳定甚至固定汇率。
[Abstract]:The development of economic globalization and financial market integration needs the coordination of monetary policy and exchange rate policy of various countries. Through the analysis of Cournot game and Stackelberg game under floating exchange rate and fixed exchange rate of the two countries' model, it is found that, When there is symmetry crisis shock, the leading countries' money supply decreases from small to large in order: Stackelberg equilibrium under fixed exchange rate, Cournot equilibrium under fixed exchange rate, Stackelberg equilibrium under floating exchange rate. The amount of money supply reduction in the following countries is: the Stackelberg equilibrium under the fixed exchange rate is smaller than the result under the floating exchange rate. However, the loss of money supply in the Cournot solution under the fixed exchange rate is smaller. The loss of the following country under the symmetry shock is the least in the Stackelberg equilibrium under the fixed exchange rate, and the loss of the lead country is the least when the fixed exchange rate reaches the Stackelberg equilibrium, so, The cooperative game can strengthen the ability to resist the external shock. Facing the strong negative impact of the financial crisis, countries should unite to increase the supply of money credit and maintain the stability of exchange rate and even the fixed exchange rate.
【作者单位】：华东师范大学商学院;
【分类号】：F830.7;F820;F224

【共引文献】