| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1277 |
| DP1277 Do Consumers Search for the Highest Price? Equilibrium and Monopolistic Optimum in Differentiated Products Markets | |
| Konrad O Stahl; Norbert Schulz | |
| 发表日期 | 1995-11-30 |
| 出版年 | 1995 |
| 语种 | 英语 |
| 摘要 | This paper presents a model of monetary policy-making in a federal monetary union. Central bank council members are representatives from the member states. In a repeated-game context, council members have an incentive to engage in strategic voting, trading political favours between each other. The paper shows that a reciprocity-equilibrium exists in the repeated bargaining game. Reciprocity induces a positive inflation bias and nominal fluctuations in the monetary union. |
| 主题 | International Macroeconomics |
| 关键词 | Central banks inflation Monetary union Political economy |
| URL | https://cepr.org/publications/dp1277 |
| 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/530417 |
| 推荐引用方式 GB/T 7714 | Konrad O Stahl,Norbert Schulz. DP1277 Do Consumers Search for the Highest Price? Equilibrium and Monopolistic Optimum in Differentiated Products Markets. 1995. |
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