Claussen, Carl Andreas; Matsen, Egil; Røisland, Øistein; … - In: Journal of Economic Behavior & Organization 81 (2012) 2, pp. 699-711
Monetary policy decisions are typically characterized by three features: (i) decisions are made by a committee, (ii) the committee members often disagree, and (iii) the chairman is almost never on the losing side in the vote. We show that the combination of overconfident policymakers and a...