摘要：Drawing on the Barro-Gordon framework, this paper investigates the design of the monetary policy committee in a
currency union which implements the optimal time-consistent policy. The monetary policy is determined through Nash
bargaining between member countries, where the outside options consist of non-cooperation within the union. It is
shown that the member which experiences a higher output should have a greater bargaining power to reduce the
inflationary bias. We also found that the richer member's optimal bargaining power, which induces the equilibrium
policy time-consistent, is U-shaped with respect to the heterogeneity in the output shock.
