Federal Monetary Policy

Carsten Hefeker

40 citations0/0 files storedScandinavian Journal of Economics

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Monetary Policy and Economic Impact Global Financial Crisis and Policies European Monetary and Fiscal Policies

Abstract

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.

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References

1985The Optimal Degree of Commitment to an Intermediate Monetary Target 1977Political Parties and Macroeconomic Policy 1983A Positive Theory of Monetary Policy in a Natural Rate Model 1987Macroeconomic Policy in a Two-Party System as a Repeated Game 1997EMU: Why and How It Might Happen 1998Federalism and Central bank Independence: The Politics of German Monetary Policy, 1957–92 1999Checks and balances, and the supply of central bank independence 2002Reconsidering central bank independence

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