The Effects of Learning in Interactive Monetary Policy Committees

We develop a theoretical framework for studying the effects of interaction on the quaJity of decision-making by monetary policy committees. We show that interaction, i.e. 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
Authors:	Berk, Jan Marc ; Bierut, Beata K.
Publisher:	Amsterdam and Rotterdam : Tinbergen Institute
Subject:	Geldpolitik \| Gruppenentscheidung \| Lernen \| Monetary policy \| interest rates \| learning

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Series:	Tinbergen Institute Discussion Paper ; 04-029/2
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Working Paper
Language:	English
Other identifiers:	835162753 [GVK] hdl:10419/86361 [Handle] RePEc:dgr:uvatin:20040029 [RePEc]
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:	EconStor

Persistent link: https://www.econbiz.de/10010325323