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Federal Monetary Policy

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Author Info
Carsten Hefeker ()

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Abstract

What is the optimal institutional structure for an independent central bank? The paper shows when it will be optimal for a country to have a central bank to be organized according to federal, purely national or a combination of both aspects. The analysis is then extended to a supranational monetary union and it is shown which organizational structure of a common central bank is optimal for participating countries and when they are willing to join. The implications for an enlargement of a monetary union are derived as well.

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Publisher Info
Paper provided by CESifo Group Munich in its series CESifo Working Paper Series with number CESifo Working Paper No. 422.

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Date of creation: 2001
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Handle: RePEc:ces:ceswps:_422

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Related research
Keywords: Monetary union; federalism; monetary policy;

Other versions of this item:

Find related papers by JEL classification:
E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
F40 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - General

Cited by:
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  1. Etienne Farvaque & Norimichi Matsueda & Pierre-Guillaume Méon, 2007. "How committees reduce the volatility of policy rates," Working Papers DULBEA 07-11.RS, Université libre de Bruxelles, Department of Applied Economics (DULBEA). [Downloadable!]
  2. Helge Berger & Till Mueller, 2007. "How should large and small countries be represented in a currency union?," Public Choice, Springer, vol. 132(3), pages 471-484, September. [Downloadable!] (restricted)
    Other versions:
  3. Philipp Maier & Beata Bierut & Robert-Paul Berben, 2003. "The role of regional information in the optimal composition of a committee," MEB Series (discontinued) 2003-08, Netherlands Central Bank, Monetary and Economic Policy Department. [Downloadable!]
    Other versions:
  4. Jan Marc Berk & Beata K. Bierut, 2005. "On the Optimality of Decisions made by Hub-and-Spokes Monetary Policy Committees," DNB Working Papers 027, Netherlands Central Bank, Research Department. [Downloadable!]
  5. Hefeker, Carsten, 2004. "Uncertainty, Wage Setting and Decision Making in a Monetary Union," Discussion Paper Series 26204, Hamburg Institute of International Economics. [Downloadable!]
    Other versions:
  6. Daniel Gros & Carsten Hefeker, 2001. "Asymmetries in European Labour Markets and Monetary Policy in Euroland," Occasional Papers 01, European Network of Economic Policy Research Institutes. [Downloadable!]
  7. Etienne Farvaque & Norimichi Matsueda & Pierre-Guillaume Méon, 2008. "How monetary policy committees impact the volatility of policy rates," Working Papers CEB 08-026.RS, Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB). [Downloadable!]
  8. Jan Marc Berk & Beata K. Bierut, 2004. "The effects of Learning in Interactive Monetary Policy Committees," MEB Series (discontinued) 2004-01, Netherlands Central Bank, Monetary and Economic Policy Department. [Downloadable!]
    Other versions:
  9. Jan Marc Berk & Beata Bierut, 2004. "On the Optimality of Decisions," Tinbergen Institute Discussion Papers 04-120/2, Tinbergen Institute. [Downloadable!]
  10. Jan Marc Berk & Beata K. Bierut, 2005. "Communication in Monetary Policy Committees," DNB Working Papers 059, Netherlands Central Bank, Research Department. [Downloadable!]
  11. Carsten Hefeker, 2002. "Monetary policy in a Union of 27: Enlargement and reform options," Intereconomics: Review of European Economic Policy, Springer, vol. 37(6), pages 315-320, November. [Downloadable!] (restricted)
  12. Sylvester C.W. Eijffinger, 2002. "The Federal Design of a Central Bank in a Monetary Union: The Case of the European System of Central Banks," Working Papers 64, Oesterreichische Nationalbank (Austrian Central Bank). [Downloadable!]
    Other versions:
  13. Helge Berger & Carsten Hefeker, 2004. "One Country, One Vote? Labor Market Structure and Voting Rights in the ECB," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
  14. Helge Berger, 2006. "Optimal Central Bank Design: Benchmarks for the ECB," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
  15. Carsten Hefeker, 2006. "The monetary policy consequences of enlargement," CESifo Forum, Ifo Institute for Economic Research at the University of Munich, vol. 7(4), pages 29-34, December. [Downloadable!]
  16. Ansgar Belke & Dirk Kruwinnus, 2003. "Erweiterung der EU und Reform des EZB-Rats: Rotation versus Delegation," Diskussionspapiere aus dem Institut für Volkswirtschaftslehre der Universität Hohenheim 218/2003, Department of Economics, University of Hohenheim, Germany. [Downloadable!]
  17. Carsten Hefeker, 2006. "EMU Enlargement, Policy Uncertainty and Economic Reforms," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
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