Hauck, Achim; Vollmer, Uwe - In: Scandinavian Journal of Economics 110 (2008) 1, pp. 223-227
We comment on an article published in this journal by <link rid="b1">Hefeker (2003)</link> and reveal an inconsistency 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, <link rid="b1">Hefeker's (2003)</link> claim that a...