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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