Torres, Francisco SilvaTeles, Pedro Pinho de2024-12-172024-12-171986-05-010870-3531http://hdl.handle.net/10400.14/47562This note is an extension of Macedo’s two-country static equilibrium model (1985) on international coordination of economic policies under flexible exchange rates. We test the influence of uncertainty on the (in) deflationary bias that characterizes the non-cooperative Nash-Cournot equilibrium. The gap between this solution and the cooperative one is shortened. Both countries cooperate tacitly against «nature» minimizing the involved risk.porjournal article10.34632/economia.1986.17392