کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5068474 1476919 2008 11 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
DiscussionMajority voting may not rule (in monetary unions): A comment on Matsen and Røisland [Eur. J. Political Economy 21 (2005) 365-384]
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
DiscussionMajority voting may not rule (in monetary unions): A comment on Matsen and Røisland [Eur. J. Political Economy 21 (2005) 365-384]
چکیده انگلیسی

This note reconsiders the results obtained by Matsen and Røisland [Eur. J. Political Economy 21 (2005) 365-384] by dropping the simplifying assumption that the median of country-specific shocks is equal to their mean. Majority voting then increases the volatility of the chosen interest rate without giving member countries a sufficient probability of having their domestic shocks absorbed by the common monetary policy. It thus results in lower welfare than other decision rules. When the variances of domestic shocks sufficiently differ, voting may however reduce the volatility of the interest rate and raise welfare in more stable countries.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: European Journal of Political Economy - Volume 24, Issue 1, March 2008, Pages 269-279
نویسندگان
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