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| Author: | Hefeker, C. |
| Title: | Federal monetary policy |
| Journal: | Scandinavian Journal of Economics
2003 : VOL. 105:4, p. 643-659 |
| Index terms: | Monetary policy Monetary system |
| Freeterms: | Federalism |
| Language: | eng |
| Abstract: | What is the optimal institutional structure for a federal central bank? This paper develops a framework and uses it 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. Also implications of an enlargement of a monetary union for changes in its institutional setup are derived. |
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