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1、JAMESBULLARDCHRISTOPHERJ.WALLERCentralBankDesigninGeneralEquilibriumWestudytheeffectsofalternativeinstitutionalarrangementsforthedetermi-nationofmonetarypolicyinthecontextofacapital-theoretic,generalequilibriumeconomy.Weconsiderthreeinstitutionalarrangementsfordeterminingmonetarypolicy.Thefi
2、rst,unconditionalmajorityvoting,alwaysleadstoasubstantialinflationbias.Thesecond,asimpleformofbargainingwhichweinterpretasapolicyboard,generallyimprovesontheunconditionalmajorityvotingoutcome.Finally,weconsideraconstitutionalrulewhichalwaysachievesthesocialoptimum.JELcodes:E4,E5,D7Keywords:p
3、oliticaleconomy,monetarypolicy,timeconsistency,inflationbias.Objectives.Inthelast20years,twoareasofresearchhavehadadramaticimpactonmacroeconomictheoryandpolicy.Thefirstisthestochastic,competitivegeneralequilibriumapproachtostudyingmacroeconomicfluctuationsadvocatedbyLucas(1977)andembodiedinthe
4、equilibriumbusinesscycleparadigmputforwardbyKydlandandPrescott(1982).Thisapproachadvocatestheuseofstochasticdynamicgeneralequilibriummodelstocapturethesalientfeaturesofmacroeconomies.Ithasbecomethepreeminentapproachforstudyingmacroeco-nomics.Theappealingfeatureofthisapproachisthattheunderly
5、ingstructureoftheeconomyiscarefullyspecifiedfromfirstprinciples.However,thesemodelsoftenlackafundamentalroleformonetarypolicy.Hence,discussionofthepoliticaleconomyofmonetarypolicyorcentralbankdesignisdifficult.Thesecondmajorareaofresearchisthetimeinconsistency,monetarypolicygameliterature,first
6、studiedbyKydlandandPrescott(1977)andelaboratedonbyBarroandGordon(1983a).ThisliteraturefocusesonthestrategicinteractionofthemonetaryauthorityWethankNickMeggosforresearchassistance.AnyviewsexpressedarethoseoftheauthorsanddonotnecessarilyreflecttheviewsoftheFederalReserveBankofSt.Louis,theFeder
7、alReserveSystemortheBoardofGovernors.JamesBullardisVicePresident/EconomistintheResearchDepartmentofFederalReserveBankofSt.Louis.E-mail:bullardstls.frb.orgChristopherJ.WallerisaProfessorintheDepartmentofEconomicsattheUniversityofNotreDameandZEI-Bonn.Rece