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How Expoerts Decide: Preferences or Private Assessments on a Monetary Policy Committee?
Hansen, Stephen; McMahon, Michael; Rivera, Carlos Velasco - 2013
. Counterfactual analysis shows that committees add value through aggregating private assessments, but that gains to larger committees … their assessments also have lower precision, mixed committees may not be optimal. …
Persistent link: https://www.econbiz.de/10010293915
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The credibility of central bank announcements
Hoeberichts, Marco - 2002
In this paper, we present a monetary policy game in which the central bank has a private forecast of supply and demand shocks. The public needs to form its inflationary expectations and can make use of central bank announcements. However, because of the credibility problem that the central bank...
Persistent link: https://www.econbiz.de/10010298234
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The optimal degree of monetary-discretion in a New Keynesian model with private information
Waki, Yuichiro; Dennis, Richard J.; Fujiwara, Ippei - In: Theoretical Economics 13 (2018) 3, pp. 1319-1368
This paper considers the optimal degree of monetary-discretion when the central bank conducts policy based on its private information about the state of the economy and is unable to commit. Society seeks to maximize social welfare by imposing restrictions on the central bank's actions over time,...
Persistent link: https://www.econbiz.de/10012010058
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Bargaining in the Presence of Condorcet Cycles: The Role of Asymmetries
Kamm, Aaron; Houba, Harold - 2015
This paper reports results from a laboratory experiment studying the role of asymmetries, both in payoffs and recognition probabilities, in a model of strategic bargaining with Condorcet cycles. Overall, we find only limited support for the equilibrium predictions. The main deviations from...
Persistent link: https://www.econbiz.de/10011288420
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On the Composition of Committees
Beniers, Klaas J.; Swank, Otto H. - 2003
This paper is concerned with the role of committees in collective decision-makingprocesses in a world where agents must … be motivated to collect information. Committees improvethe quality of decision-making by providing information and by …
Persistent link: https://www.econbiz.de/10010324872
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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 …
Persistent link: https://www.econbiz.de/10010325243
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On Committees of Experts
Visser, Bauke; Swank, Otto H. - 2005
committees to show a united front. These results hold irrespective of whether information can be manipulated or not. Also …
Persistent link: https://www.econbiz.de/10010325304
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Transparency and Pre-meetings
Swank, Job; Swank, Otto; Visser, Bauke - 2006
Some committees are made up of experts, persons interested in both the (subject) matter at hand and in coming across as … able decision-makers. Such committees would like to conceal disagreement from the public. We present a theory that …
Persistent link: https://www.econbiz.de/10010325475
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Over-caution of large committees of experts
Midjord, Rune; Rodríguez Barraquer, Tomás; Valasek, Justin - 2013
We provide an explanation for why committees may behave over-cautiously. A committee of experts makes a decision on a … aggregation fails in large committees: under any majority rule, the committee rejects the innovation almost surely. …
Persistent link: https://www.econbiz.de/10010331153
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Information acquisition and decision making in committees: a survey
Kiel, Alexandra; Gerling, Kerstin; Schulte, Elisabeth; … - 2003
Persistent link: https://www.econbiz.de/10011604302