We explore empirically how the time-varying allocation of credit across firms with heterogeneous credit quality matters for financial stability outcomes. Using firm-level data for 55 countries over 1991-2016, we show that the riskiness of credit allocation, captured by Greenwood and Hanson...

The move from individual decision making to committee decision making is widely seen as a major evolution in contemporary central banking. This paper reviews the relevant economics and social psychology literatures with a view to providing some insights into the question of optimal monetary...

Intro -- Contents -- I. INTRODUCTION -- II. A LARGE DIVERSITY OF MONETARY POLICY COMMITTEES -- III. NORMATIVE ISSUES IN MONETARY POLICY COMMITTEE DESIGN -- IV. PREFERENCE AGGREGATION IN MONETARY POLICY COMMITTEES -- V. BELIEF AGGREGATION IN MONETARY POLICY COMMITTEES -- VI. SUMMARY AND...