The effects of learning in interactive monetary policy committees

Jan Marc Berk; Beata K. Bierut

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:	Rotterdam [u.a.] : Tinbergen Inst.
Subject:	Monetary policy \| interest rates \| learning \| Geldpolitik \| Lernen \| Learning \| Lernprozess \| Learning process \| Gruppenentscheidung \| Group decision-making \| Theorie \| Theory \| Zins \| Interest rate \| Zinspolitik \| Interest rate policy