Optimal Structure of Fiscal and Monetary Authorities
研究为何发达经济体采用选举产生的财政当局与独立货币当局的配对结构，通过政治经济学模型证明该结构能克服时间不一致问题并实现最高福利。
Abstract 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.