The Choice of Monetary Instrument in Two Interdependent Economies Under Uncertainty
分析两个国家在不确定性下选择货币供给或利率作为政策工具的问题，通过两阶段博弈确定最优工具组合，并给出纳什均衡示例。
This paper analyzes the choice of monetary instrument in a stochastic two country setting where each country's set of monetary policy instruments includes both the money supply and the interest rate. It shows how the optimal choice of instrument is determined In two stages. First, for each pair, the minimum welfare coat for each economy is determined This defines a par of payoff matrices and the second stage involves determining the Nash equilibrium for this bimatrix game. In our illustrative example for the alternative shocks considered, a dominant Nash equilibrium is always obtained.