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Central Bank Design with Heterogeneous Agents

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  • Aleksander Berentsen
  • Carlo Strub

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.

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Bibliographic Info

Paper provided by Institute for Empirical Research in Economics - University of Zurich in its series IEW - Working Papers with number 365.

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Date of creation: Apr 2008
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Handle: RePEc:zur:iewwpx:365

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Keywords: Policy board; monetary policy; search;

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  1. Randall Wright & Guillame Rocheteau, 2003. "Money in Search Equilibrium, in Competitive Equilibrium, and in Competitive Search Equilibrium," Levine's Bibliography 666156000000000302, UCLA Department of Economics.
  2. Fatum, Rasmus, 2006. "One monetary policy and 18 central bankers: The European monetary policy as a game of strategic delegation," Journal of Monetary Economics, Elsevier, Elsevier, vol. 53(4), pages 659-669, May.
  3. Bhattacharya, Joydeep & Haslag, Joseph & Russell, Steven, 2005. "The role of money in two alternative models: When is the Friedman rule optimal, and why?," Journal of Monetary Economics, Elsevier, Elsevier, vol. 52(8), pages 1401-1433, November.
  4. Joseph H. Haslag & Antoine Martin, 2007. "Optimality of the Friedman Rule in an Overlapping Generations Model with Spatial Separation," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 39(7), pages 1741-1758, October.
  5. Erosa, Andres & Ventura, Gustavo, 2002. "On inflation as a regressive consumption tax," Journal of Monetary Economics, Elsevier, Elsevier, vol. 49(4), pages 761-795, May.
  6. Boel, Paola & Camera, Gabriele, 2004. "Efficient Monetary Allocations and the Illiquidity of Bonds," Purdue University Economics Working Papers 1171, Purdue University, Department of Economics.
  7. Ricardo Lagos & Randall Wright, 2005. "A Unified Framework for Monetary Theory and Policy Analysis," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 113(3), pages 463-484, June.
  8. Joydeep Bhattacharya & Joseph H. Haslag & Antoine Martin, 2004. "Heterogeneity, redistribution, and the Friedman rule," Research Working Paper, Federal Reserve Bank of Kansas City RWP 04-01, Federal Reserve Bank of Kansas City.
  9. von Hagen, Jurgen & Suppel, Ralph, 1994. "Central bank constitutions for federal monetary unions," European Economic Review, Elsevier, Elsevier, vol. 38(3-4), pages 774-782, April.
  10. Kiel, Alexandra & Gerling, Kerstin & Schulte, Elisabeth & Grüner, Hans Peter, 2003. "Information acquisition and decision making in committees: a survey," Working Paper Series, European Central Bank 0256, European Central Bank.
  11. James Bullard & Christopher J. Waller, 2002. "Central bank design in general equilibrium," Working Papers, Federal Reserve Bank of St. Louis 1998-002, Federal Reserve Bank of St. Louis.
  12. Aleksander Berentsen & Gabriele Camera & Christopher Waller, . "The Distribution of Money Balances and the Non-Neutrality of Money," IEW - Working Papers, Institute for Empirical Research in Economics - University of Zurich 220, Institute for Empirical Research in Economics - University of Zurich.
  13. Miguel Molico, 2006. "The Distribution Of Money And Prices In Search Equilibrium," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 47(3), pages 701-722, 08.
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Cited by:
  1. Etienne Farvaque & Alexander Mihailov, 2014. "A Theory of the Intergenerational Dynamics of Inflation Beliefs and Monetary Institutions," Economics & Management Discussion Papers, Henley Business School, Reading University em-dp2014-02, Henley Business School, Reading University.
  2. Etienne Farvaque & Alexander Mihailov, 2008. "Intergenerational Transmission of Inflation Aversion: Theory and Evidence," Economics & Management Discussion Papers, Henley Business School, Reading University em-dp2008-71, Henley Business School, Reading University.

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