The effects of Learning in Interactive Monetary Policy Committees

We develop a theoretical framework for studying the effects of interaction on the quality of decision-making by monetary policy committees. We show that interaction, is increasing one's expertise through an exchange of views, is most likely not to result in interdependent voting behaviour. Therefore, and in contrast to earlier literature, we find that interaction is beneficial for the collective outcome.

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Year of publication:	2004-02
Authors:	Berk, Jan Marc ; Bierut, Beata K.
Institutions:	de Nederlandsche Bank
Subject:	monetary policy \| interest rates \| learning

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Extent:	application/pdf
Series:	MEB Series (discontinued).
Type of publication:	Book / Working Paper
Language:	English
Classification:	E52 - Monetary Policy (Targets, Instruments, and Effects) ; E58 - Central Banks and Their Policies ; D83 - Search, Learning, Information and Knowledge ; D71 - Social Choice; Clubs; Committees; Associations
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005106745