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The paper discusses key elements of optimal central bank design and applies its findings to the Eurosystem. A …
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How many people should decide about monetary policy? In this paper, we take an empirical perspective on this issue, analyzing the relationship between the number of monetary policy decision-makers and monetary policy outcomes. Using a new data set that characterizes Monetary Policy Committees...
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welfare gain associated with making the central bank less conservative than society, however if the outside option is in real … of central bank conservatism. …
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size and voting power. One way to implement this principle is a rotation scheme for national central bank governors that …
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