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Monetary Committee Size and Special Interest Influence
Colla De Robertis, Esteban - Centro de Estudios Monetarios Latinoamericanos (CEMLA) - 2010
inflation rate and output are an average of the ones preferred by the committee and the special interest groups; thus, size of a …). The reason is that special interest group’s weights on equilibrium inflation rate under influence is lower the higher the … stable inflation rate will appoint a larger committee; ii) larger committees deliver lower and more stable inflation rates. …
Persistent link: https://www.econbiz.de/10011279221
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It takes two to Tango: Lobbies and the political business cycle
Horgos, Daniel; Zimmermann, Klaus W. - 2009
With interest groups significantly affecting economic performance (according to Mancur Olson) and a vital interest of governments in economic growth and low unemployment in order to win elections, there should be a link between political business cycles and the evolution of lobbies over time...
Persistent link: https://www.econbiz.de/10010270371
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How Expoerts Decide: Preferences or Private Assessments on a Monetary Policy Committee?
Hansen, Stephen; McMahon, Michael; Rivera, Carlos Velasco - 2013
Using voting data from the Bank of England, we show that different individual assessments of the economy strongly influence votes after controlling for individual policy preferences. We estimate that internal members form more precise assessments than externals and are also more hawkish, though...
Persistent link: https://www.econbiz.de/10010293915
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Political determinants of central bank independence
Mueller, Till - 2008
From a normative perspective, it is striking that the degree of central bank independence (CBI) varies considerably across countries. Taking a political economy perspective, this paper demonstrates how different degrees of CBI may be the result of strategic policy-making. While an independent...
Persistent link: https://www.econbiz.de/10010299150
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Central banks' voting records, financial crisis and future monetary policy
Horváth, Roman; Jonášová, Júlia - 2014
We examine whether central banks' voting records help predict the future course of monetary policy in the Czech republic, Hungary, Poland, Sweden and the United Kingdom, controlling for financial market expectations. Unlike previous research, first, we examine the period of the global financial...
Persistent link: https://www.econbiz.de/10011340621
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Central banks' voting records and future policy
Horváth, Roman; Šmídková, Kateřina; Zápal, Jan - 2011
democratic version. Next, the model predictions are tested on real data on five inflation targeting countries (the Czech Republic …
Persistent link: https://www.econbiz.de/10010322275
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On the Optimality of Decisions
Berk, Jan Marc; Bierut, Beata - 2004
Most monetary policy committees decide on interest rates using a simple majority voting rule. Given the inherent heterogeneity of committee members, this voting rule is suboptimal in terms of the quality of the interest rate decision, but popular for other (political) reasons. We show that a...
Persistent link: https://www.econbiz.de/10010325243
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European monetary policy and the ECB rotation model voting power of the core versus the periphery
Belke, Ansgar; von Schnurbein, Barbara - 2010
We analyze the ECB Governing Council's voting procedures. The literature has by now discussed numerous aspects of the rotation model but does not account for many institutional aspects of the voting procedure of the GC. Using the randomization scheme based on the multilinear extension (MLE) of...
Persistent link: https://www.econbiz.de/10010327326
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Monetary Policy Committees: meetings and outcomes
Berk, Jan Marc; Bierut, Beata K. - 2009
Monetary Policy Committees differ in the way the interest rate proposal is prepared and presented in the policy meeting. In this paper we show analytically how different arrangements could affect the voting behaviour of individual MPC members and therefore policy outcomes. We then apply our...
Persistent link: https://www.econbiz.de/10011605116
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Monetary policy deliberations: committee size and voting rules
Maurin, Vincent; Vidal, Jean-Pierre - 2012
How large should a monetary policy committee be? Which voting rule should a monetary policy committee adopt? This paper builds on Condorcet's jury threorem to analyse the relationships between committee size and voting rules in a model where policy discussions are subject to a time constraint....
Persistent link: https://www.econbiz.de/10011605479