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Central Bank Design with Heterogenous Agents

Aleksander Berentsen & Carlo Strub

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abstract We study alternative institutional arrangements for the determination of monetary policy in a general equilibrium model with heterogeneous agents, where monetary policy has redistributive effects. Inflation is determined by a policy board using either simple-majority voting, supermajority voting, or bargaining. We compare the equilibrium inflation rates to the first-best allocation.
   
type article
   
keywords
   
language English
date of appearance 1-2-2009
journal European Economic Review
publisher Elsevier
volume of journal 53
number of issue 2
page(s) 139-152
citation Berentsen, A., & Strub, C. (2009). Central Bank Design with Heterogenous Agents. European Economic Review, 2(53), 139-152.