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1、JAMESBULLARDCHRISTOPHERJ.WALLERCentralBankDesigninGeneralEquilibriumWestudytheeffectsofalternativeinstitutionalarrangementsforthedetermi-nationofmonetarypolicyinthecontextofacapital-theoretic,generalequilibriumeconomy.Weconsiderthreeinstitutionalarrangementsfordeter
2、miningmonetarypolicy.Thefirst,unconditionalmajorityvoting,alwaysleadstoasubstantialinflationbias.Thesecond,asimpleformofbargainingwhichweinterpretasapolicyboard,generallyimprovesontheunconditionalmajorityvotingoutcome.Finally,weconsideraconstitutionalrulewhichalwaysac
3、hievesthesocialoptimum.JELcodes:E4,E5,D7Keywords:politicaleconomy,monetarypolicy,timeconsistency,inflationbias.Objectives.Inthelast20years,twoareasofresearchhavehadadramaticimpactonmacroeconomictheoryandpolicy.Thefirstisthestochastic,competitivegeneralequilibriumappro
4、achtostudyingmacroeconomicfluctuationsadvocatedbyLucas(1977)andembodiedintheequilibriumbusinesscycleparadigmputforwardbyKydlandandPrescott(1982).Thisapproachadvocatestheuseofstochasticdynamicgeneralequilibriummodelstocapturethesalientfeaturesofmacroeconomies.Ithasbec
5、omethepreeminentapproachforstudyingmacroeco-nomics.Theappealingfeatureofthisapproachisthattheunderlyingstructureoftheeconomyiscarefullyspecifiedfromfirstprinciples.However,thesemodelsoftenlackafundamentalroleformonetarypolicy.Hence,discussionofthepoliticaleconomyofmon
6、etarypolicyorcentralbankdesignisdifficult.Thesecondmajorareaofresearchisthetimeinconsistency,monetarypolicygameliterature,firststudiedbyKydlandandPrescott(1977)andelaboratedonbyBarroandGordon(1983a).ThisliteraturefocusesonthestrategicinteractionofthemonetaryauthorityW
7、ethankNickMeggosforresearchassistance.AnyviewsexpressedarethoseoftheauthorsanddonotnecessarilyreflecttheviewsoftheFederalReserveBankofSt.Louis,theFederalReserveSystemortheBoardofGovernors.JamesBullardisVicePresident/EconomistintheResearchDepartmentofFederalReserveBan
8、kofSt.Louis.E-mail:bullardstls.frb.orgChristopherJ.WallerisaProfessorintheDepartmentofEconomicsattheUniversityofNotreDameandZEI-Bonn.Rece