Appointing the median voter of a policy board
A description of a model which demonstrates that delegating monetary policy to an independent policy board with discretionary powers substantially reduces policy uncertainty while maintaining political accountability.
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- Jon Faust, 1992. "Whom can we trust to run the Fed? Theoretical support for the founders' views," International Finance Discussion Papers 429, Board of Governors of the Federal Reserve System (U.S.).
- Cothren, Richard, 1988. "Equilibrium Inflation as Determined by a Policy Committee," The Quarterly Journal of Economics, MIT Press, vol. 103(2), pages 429-34, May.
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- Snyder, Susan K & Weingast, Barry R, 2000. "The American System of Shared Powers: The President, Congress, and the NLRB," Journal of Law, Economics and Organization, Oxford University Press, vol. 16(2), pages 269-305, October.
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