Federal Monetary Policy: A Comment
评论Hefeker（2003）关于联邦货币联盟中货币政策的文章，指出其分析中的不一致性，并澄清其隐含假设，证明其结论在模型框架下并不普遍成立。
Abstract We comment on an article published in this journal by Hefeker (2003) and reveal an inconsistency in his analysis of monetary policy in federal monetary unions. We clarify an implicit assumption in his model and show that even when this further assumption is met, Hefeker's (2003) claim that a pure majority vote by the regions and the central government results in a monetary authority consisting solely of regionally appointed governors is not generally valid in the context of his model.