Monetary policy in the euro area is conducted within a multi-country, multi-cultural, and multi-lingual context involving multiple central banking traditions. How does this heterogeneity affect the ability of economic agents to understand and to anticipate monetary policy by the ECB? Using a...

This paper analyzes empirically differences in the size of central bank boards (or monetary policy committees) across countries. We discuss the possible determinants of a board's size. The empirical relevance of these factors is examined using a new dataset that covers the de jure membership...

How many people should decide about monetary policy? In this paper, we take an empirical perspective on this issue, analyzing the relationship between the number of monetary policy decisionmakers and monetary policy outcomes. Using a new data set that characterizes Monetary Policy Committees...