Berentsen, A. and C. Strub (2009): “Central Bank Design with Heterogeneous Agents,” European Economic Review, 53(2), 139–152

Abstract:
We study alternative institutional arrangements for the determination of monetary policy in a general equilibrium model with heterogeneous agents, where monetary policy has redistributive effects. Inflation is determined by a policy board using either simple-majority voting, supermajority voting, or bargaining. We compare the equilibrium inflation rates to the first-best allocation.