Optimal Structure of Fiscal and Monetary Authorities

Miller David S.

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Optimal Structure of Fiscal and Monetary Authorities

机译：财政和金融当局的最佳结构

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Why are monetary authorities not elected like fiscal authorities are? Advanced economies pair an elected fiscal authority with an independent monetary authority. Replicating the advanced economies' structure with authorities microfounded by a political economy model shows that this structure is the solution to a constrained mechanism design problem that overcomes time inconsistency and results in the highest possible welfare. Goal and instrument independence, singly and in combination, are insufficient to minimize time inconsistency, though their combination is necessary.

机译：为什么不像财政当局那样选举货币当局？发达经济体将当选的财政当局与独立的货币当局配对。用政治经济学模型微观基础上的权威来复制发达经济体的结构表明，这种结构是对约束机制设计问题的一种解决方案，该问题克服了时间上的矛盾，并带来了最高的福利。目标和工具的独立性或组合性不足以最大限度地减少时间不一致，尽管必须将它们组合在一起。

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《Journal of money, credit and banking》 |2019年第3期|289-312|共24页
作者
Miller David S.;
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正文语种 eng
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关键词
monetary independence; monetary fiscal policy interaction; time inconsistency;

机译：货币独立;货币财政政策互动;时间不一致;

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Optimal Structure of Fiscal and Monetary Authorities

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