We integrate a monetary policy committee into a New Keynesian model to assess the consequences of the committee's institutional characteristics for welfare. First, we demonstrate that uncertainty about the committee's future composition may be desirable. Second, we show that longer terms of...

This paper examines the influence of the biographical experience of monetary policy committee members on their performance in managing inflation and output volatility. Our sample covers major OECD countries in the 1999 to 2010 period. Using data envelopment analysis, we study the efficiency of...

How do monetary policy committee (MPC) members form their views about the appropriate interest rate? To what extent do they change their minds during the deliberations in the interest rate meeting? How important is the Chairman? The theoretical literature makes assumptions about these issues. We...

This paper looks at how the reputation of a monetary policy making committee is jointly determined with the reputations of its individual members. I ask whether individuals have more or less incentive to gain a reputation for being tough on inflation when they are part of a group. I examine the...