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  • Publication
    Central Bank Design with Heterogenous Agents
    (Elsevier, 2009-02-01)
    Berentsen, Aleksander
    ;
    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.
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