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Hefeker, Carsten
Year of Publication: 
Series/Report no.: 
CESifo Working Paper 422
What is the optimal institutional structure for an independent central bank? The paper shows when it will be optimal for a country to have a central bank to be organized according to federal, purely national or a combination of both aspects. The analysis is then extended to a supranational monetary union and it is shown which organizational structure of a common central bank is optimal for participating countries and when they are willing to join. The implications for an enlargement of a monetary union are derived as well.
Monetary union
monetary policy
Document Type: 
Working Paper

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