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同理, 外国的纳什反应函数为m*=t1m+t2p0。经过多轮货币政策博弈, 当两国实现纳什均衡时, 由于两国完全对称, 它们将减少相同的货币供应量。 由m=t1m*+t2p0和m=t1m*+t2p0, 可得: 表明当存在外部冲击而两国政策制定者不合作时, 两国货币政策会过分紧缩, 从而导致产出水平降低 (yN<0) , 非合作纳什均衡无...
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