We introduce heterogeneity into a monetary policy committee by allowing the degree of model uncertainty to differ across members. It is shown that in this framework the stage at which members reach consensus matters. An aggregation protocol under which members only average policy deemed optimal...

The inflation targeting policy, which is adopted in a lot of countries in recent years, has been introduced with a band target in most countries. However, in the many theoretical analysis, the target of the inflation rate is assumed to be a point, and the studies that have treated the following...

Can introducing Central Bank Digital Currency (CBDC) improve social welfare? We construct a dual currency model to study whether introducing CBDC with a recordkeeping technology can reduce tax evasion incentives in cash transactions, and further achieve a better allocation than in a cash-only...