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Federal Monetary Policy

Carsten Hefeker
The Scandinavian Journal of Economics
Vol. 105, No. 4 (Dec., 2003), pp. 643-659
Published by: Wiley on behalf of The Scandinavian Journal of Economics
Stable URL: http://www.jstor.org/stable/3441135
Page Count: 17
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Federal Monetary Policy
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Abstract

What is the optimal institutional structure for a federal central bank? The framework developed in this paper is used 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. The implications of an enlargement of a monetary union for changes in its institutional setup are also derived.

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