Monetary Policy committees meetings and outcomes

Monetary Policy Committees differ in the way the interest rate proposal is preparedand presented in the policy meeting. In this paper we show analytically how differentarrangements could affect the voting behaviour of individual MPC members andtherefore policy outcomes. We then apply our results to the Bank of England and theFederal Reserve. A general finding is that when MPC members are not too diverse interms of expertise and experience, policy...

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Year of publication:	2009-07-16
Authors:	Berk, Jan Marc ; Bierut, Beata K.
Institutions:	European Central Bank
Published in:	Working papers published in 2009 ECB Working Paper Series No. 1070, July 2009
Subject:	Geldpolitik \| Abstimmung \| voting paradoxes \| Notenbankpolitik

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Abstract
Non-technical summary
1 Introduction
2 Decision-making cycle of a monetarypolicy committee
3 The MPC game
4 Theoretical predictions
4.1 Uncertainty about MPCmembers’ judgment
5 Concluding observations
Appendix
References
European Central Bank Working Paper Series

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