Abstract

RODRIGUEZ LUNA, Raúl; MENDOZA, Jairo  and  ROMO SALAS, Erik. FISCAL AND MONETARY POLICY IN COLOMBIA: AN EXPERIMENTAL ANALYSIS FROM THE COORDINATED DECISION MAKING. Tend. [online]. 2014, vol.15, n.1, pp.145-172. ISSN 0124-8693.  https://doi.org/10.22267/rtend.141501.54.

In this paper the results of a simulation are discussed from methods of experimental and modeling economy with elements of game theory, where a sequential game that allowed finding equilibria perfect Nash subgame between decisions were made monetary policy and fiscal policy decisions in Colombia. It was found for each of the scenarios presented in exercising the existence of subgame perfect equilibria in the sense of Nash, who helped unveil the condition of maximizing rationality of players is the main element in the decision making inside of social groups. Finally, the observation revealed that the interactions between two agents are conditioned by the strategies adopted by the agent that operates leader, and that the decisions of the follower agent regularly rely on cooperative approaches and coordination, in this sense, it was established that the Central Bank determines the manner in which the Government, respecting the constitutional channels, making its policy decisions in order to maintain economic stability.

JEL: E62, E52, C70, C90.

Keywords : Monetary Policy; Fiscal Policy; Game Theory; Equilibrio de Nash; Experimental Economics..

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