While monetary policy decisions are mainly taken by Committees (as is the case for the ECB, or for the Federal Reserve), the literature largely stands on the …ction of a single central banker, be it (or not) a conservative one. The purpose here is to consider explicitly the plural dimension of...

While monetary policy decisions are mainly taken by Committees (as is the case for the ECB, or for the Federal Reserve), the literature largely stands on the ...ction of a single central banker, be it (or not) a conservative one. The purpose here is to consider explicitly the plural dimension of...

According to Bordo and James [2008, “A long term perspective on the Euro, ” NBER Working Paper, No. 13815], history shows that multinational monetary unions have dissolved mainly under the consequences of external shocks. This paper provides a theoretical model demonstrating their point.

This paper relates the volatility of interest rates to the collective nature of monetary policymaking in monetary unions. Several decision rules are modelled, including hegemonic and democratic procedures, and also committees headed by a chairman. A ranking of decision rules in terms of the...

While monetary policy decisions are mainly taken by Committees (as is the case for the ECB, or for the Federal Reserve), the literature largely stands on the …ction of a single central banker, be it (or not) a conservative one. The purpose here is to consider explicitly the plural dimension of...

External shocks, be they political or economic, can pose a significant threat to the sustainability of a monetary union. This paper focuses on the openness of a monetary union, and examines how the degrees and characteristics of the sensitivities of its member nations towards external shocks...

This paper relates the volatility of interest rates to the collective nature of monetary policymaking in monetary unions. Several decision rules are modelled, including hegemonic and democratic procedures, and also committees headed by a chairman. A ranking of decision rules in terms of the...

According to Bordo and James (2008), history shows that multinational monetary unions have dissolved mainly under the consequences of external shocks. This paper focuses on the effects of external shocks in assessing the sustainability of a monetary union and provides a theoretical argument that...