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Monetary Politics in a Monetary Union: A Note on Common Agency with Rational Expectations

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Author Info
Michele Ruta

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Abstract

Is the politicisation of monetary policy in a currency union desirable? This paper shows that in a setting where political influence by national governments is modeled as a common agency game with rational expectations, the answer to this question crucially depends on whether the common central bank can commit to follow its policy.

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File URL: http://cadmus.eui.eu/dspace/bitstream/1814/7084/1/RSCAS_2007_21.pdf
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Publisher Info
Paper provided by European University Institute in its series RSCAS Working Papers with number 2007/21.

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Date of creation: 28 Sep 2007
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Handle: RePEc:rsc:rsceui:2007/21

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Related research
Keywords: Common Agency; Political Pressures; European Monetary Union;

Other versions of this item:

Find related papers by JEL classification:
F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
D78 - Microeconomics - - Analysis of Collective Decision-Making - - - Positive Analysis of Policy-Making and Implementation

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Alberto Alesina & Robert J. Barro, 2002. "Currency Unions," The Quarterly Journal of Economics, MIT Press, vol. 117(2), pages 409-436, May. [Downloadable!] (restricted)
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  2. Bennett T. McCallum, 1995. "Two Fallacies Concerning Central Bank Independence," NBER Working Papers 5075, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  3. Grossman, Gene M & Helpman, Elhanan, 1994. "Protection for Sale," American Economic Review, American Economic Association, vol. 84(4), pages 833-50, September. [Downloadable!] (restricted)
    Other versions:
  4. Walsh, Carl E, 1995. "Optimal Contracts for Central Bankers," American Economic Review, American Economic Association, vol. 85(1), pages 150-67, March. [Downloadable!] (restricted)
  5. Avinash Dixit & Henrik Jensen, 2003. "Common Agency with Rational Expectations: Theory and Application to a Monetary Union," Economic Journal, Royal Economic Society, vol. 113(489), pages 539-549, 07. [Downloadable!] (restricted)
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