In this paper we study how volatility in monetary policy affects economic performance in the presence of endogenously chosen information structures. To isolate the effects produced by the interaction of uncertainty in monetary policy and (possibly) asymmetric information, we consider a model in...

In monetary unions, monetary policy is typically made by delegates of the member countries. This procedure raises the possibility of strategic delegation - that countries may choose the types of delegates to influence outcomes in their favor. We show that without commitment in monetary policy,...

In monetary unions, monetary policy is typically made by delegates of the member countries. This procedure raises the possibility of 'strategic delegation' - that countries may choose the types of delegates to influence outcomes in their favor. We show that without commitment in monetary policy,...