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Article: Aggregate Pattern of Time-dependent Adjustment Rules, II: Strategic Complementarity and Endogenous Nonsynchronization

TitleAggregate Pattern of Time-dependent Adjustment Rules, II: Strategic Complementarity and Endogenous Nonsynchronization
Authors
KeywordsInterdependence
strategic complementarity
endogenous nonsynchronization
Issue Date2001
PublisherAcademic Press. The Journal's web site is located at http://www.elsevier.com/locate/jet
Citation
Journal Of Economic Theory, 2001, v. 98 n. 2, p. 199-231 How to Cite?
AbstractThis paper provides an explanation for an important institutional feature of staggered time-dependent adjustment rules assumed in a number of macroeconomic models. It identifies strategic complementarity as the crucial factor leading to nonsynchronized decisions in a game-theoretic framework. The paper first shows that nonsynchronization is the equilibrium outcome in an infinite-horizon game in which strategic complementarity is present, whether the players choose predetermined or fixed actions. By pursuing the interpretation of a nonsynchronized-move dynamic game as a series of games with symmetric Stackelberg leadership, it is further suggested that the relationship between strategic complementarity and the benefit to the Stackelberg follower provides the insight to the game-theoretic explanation of nonsynchronization. The results of this paper reveal a link between strategic complementarity and nonsynchronization - two important macroeconomic features. Journal of Economic Literature Classification Numbers: E30, L16. © 2001 Academic Press.
Persistent Identifierhttp://hdl.handle.net/10722/54346
ISSN
2015 Impact Factor: 1.097
2015 SCImago Journal Rankings: 2.587
ISI Accession Number ID
References

 

DC FieldValueLanguage
dc.contributor.authorLau, SHPen_HK
dc.date.accessioned2009-04-03T07:44:03Z-
dc.date.available2009-04-03T07:44:03Z-
dc.date.issued2001en_HK
dc.identifier.citationJournal Of Economic Theory, 2001, v. 98 n. 2, p. 199-231en_HK
dc.identifier.issn0022-0531en_HK
dc.identifier.urihttp://hdl.handle.net/10722/54346-
dc.description.abstractThis paper provides an explanation for an important institutional feature of staggered time-dependent adjustment rules assumed in a number of macroeconomic models. It identifies strategic complementarity as the crucial factor leading to nonsynchronized decisions in a game-theoretic framework. The paper first shows that nonsynchronization is the equilibrium outcome in an infinite-horizon game in which strategic complementarity is present, whether the players choose predetermined or fixed actions. By pursuing the interpretation of a nonsynchronized-move dynamic game as a series of games with symmetric Stackelberg leadership, it is further suggested that the relationship between strategic complementarity and the benefit to the Stackelberg follower provides the insight to the game-theoretic explanation of nonsynchronization. The results of this paper reveal a link between strategic complementarity and nonsynchronization - two important macroeconomic features. Journal of Economic Literature Classification Numbers: E30, L16. © 2001 Academic Press.en_HK
dc.languageengen_HK
dc.publisherAcademic Press. The Journal's web site is located at http://www.elsevier.com/locate/jeten_HK
dc.relation.ispartofJournal of Economic Theoryen_HK
dc.rightsCreative Commons: Attribution 3.0 Hong Kong License-
dc.subjectInterdependenceen_HK
dc.subjectstrategic complementarityen_HK
dc.subjectendogenous nonsynchronizationen_HK
dc.titleAggregate Pattern of Time-dependent Adjustment Rules, II: Strategic Complementarity and Endogenous Nonsynchronizationen_HK
dc.typeArticleen_HK
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=0022-0531&volume=98&issue=2&spage=199&epage=231&date=2001&atitle=Aggregate+pattern+of+time-dependent+adjustment+rules,+II:+strategic+complementarity+and+endogenous+nonsynchronizationen_HK
dc.identifier.emailLau, SHP: laushp@hkucc.hku.hken_HK
dc.identifier.authorityLau, SHP=rp01073en_HK
dc.description.naturepostprinten_HK
dc.identifier.doi10.1006/jeth.2000.2691en_HK
dc.identifier.scopuseid_2-s2.0-0347137954en_HK
dc.identifier.hkuros59455-
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-0347137954&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume98en_HK
dc.identifier.issue2en_HK
dc.identifier.spage199en_HK
dc.identifier.epage231en_HK
dc.identifier.isiWOS:000169538400001-
dc.publisher.placeUnited Statesen_HK
dc.identifier.scopusauthoridLau, SHP=7401596159en_HK

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