Central Bank Design in General Equilibrium
在一个资本理论一般均衡模型中，比较了三种货币政策制定制度（无条件多数投票、政策委员会谈判、宪法规则）的效果，发现宪法规则总能实现社会最优。
We study the effects of alternative institutional arrangements for the determination of monetary policy in the context of a capital-theoretic, general equilibrium economy. We consider three institutional arrangements for determining monetary policy. The first, unconditional majority voting, always leads to a substantial inflation bias. The second, a simple form of bargaining which we interpret as a policy board, generally improves on the unconditional majority voting outcome. Finally,we consider a constitutional rule which always achieves the social optimum.