Federal monetary policy: a comment

Achim Hauck, U. Vollmer

Research output: Contribution to journalArticlepeer-review


We comment on an article published in this journal by Hefeker (2003) and reveal an incon-sistency in his analysis of monetary policy in federal monetary unions. We clarify an implicit assumption in his model and show that even when this further assumption is met, Hefeker’s (2003) claim that a pure majority vote by the regions and the central government results in a monetary authority consisting solely of regionally appointed governors is not generally valid in the context of his model.
Original languageEnglish
Pages (from-to)223-227
Number of pages5
JournalScandinavian Journal of Economics
Issue number1
Publication statusPublished - 2008


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