Federal Monetary Policy

Carsten Hefeker

Scandinavian Journal of Economics, 2003, vol. 105, issue 4, 643-659

Abstract: What is the optimal institutional structure for a federal central bank? The framework developed in this paper is used to analyze under what conditions an individual region will prefer a monetary union to be organized according to regional or common influences and how a combination of both can be rationalized. The implications of an enlargement of a monetary union for changes in its institutional setup are also derived.

Date: 2003
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https://doi.org/10.1111/j.0347-0520.2003.00007.x

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Working Paper: Federal Monetary Policy (2001)
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