| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP938 |
| DP938 Strategic Bargaining and Competitive Bidding in a Dynamic Market Equilibrium | |
| Melvyn G Coles; Abhinay Muthoo | |
| 发表日期 | 1994-04-30 |
| 出版年 | 1994 |
| 语种 | 英语 |
| 摘要 | Historical experience suggests that the distribution of monetary policy authority among the members of a monetary union is a key aspect of the design of a central bank constitution. We analyse alternative institutional solutions to that problem with different degrees of centralization of monetary policy decisions. The degree of centralization required to facilitate credible, low-inflation policies depends critically on the political structure of the monetary union. Efficient monetary stabilization requires centralized decision-making rules. Whether or not stabilization can be improved by adding central appointees to member state representatives on the central bank council depends on the stochastic structure of the relevant economic disturbances. |
| 主题 | International Macroeconomics |
| 关键词 | Central banks monetary policy Monetary union |
| URL | https://cepr.org/publications/dp938 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/530079 |
| 推荐引用方式 GB/T 7714 | Melvyn G Coles,Abhinay Muthoo. DP938 Strategic Bargaining and Competitive Bidding in a Dynamic Market Equilibrium. 1994. |
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