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Institutions and Monetary Policy

In: Monetary Unions

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  • Hubert Kempf

    (École Normale Supérieure Paris-Saclay
    NRU Higher School of Economics)

Abstract

This chapter is devoted to the monetary institutional design of a monetary union. The argument that a monetary union allows an incoming country to import credibility is discussed. Centred on the inflation bias issue, it shows that the results obtained in a simple economy do not apply straightforwardly in a monetary union. Delegating monetary policy to an independent central banker does not necessarily reduce the inflation bias as the nomination procedures based on bargaining introduce new strategic channels. The issues of nomination of a monetary policy committee, accountability and transparency are also addressed in this chapter.

Suggested Citation

  • Hubert Kempf, 2022. "Institutions and Monetary Policy," Springer Texts in Business and Economics, in: Monetary Unions, chapter 4, pages 121-163, Springer.
    • Handle: RePEc:spr:sptchp:978-3-030-93232-9_4
    DOI: 10.1007/978-3-030-93232-9_4
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