This paper studies the theoretical and empirical implications of monetary policy making by committee under three different voting protocols. The protocols are a consensus model, where super-majority is required for a policy change; an agenda-setting model, where the chairman controls the agenda;...

In its response to the economic and financial crises of 2008, the sovereign debt and euro crisis of 2010-2015, and the COVID-19 pandemic of 2020-2023, the European Central Bank (ECB) implemented an unconventional monetary policy aimed at providing liquidity for more than a decade, through a...

One way of evaluating how well monetary authorities perform is to provide the public with a regular and independent second opinion. The European Central Bank (ECB) and the Bank of England (BoE) are shadowed by professional and academic economists who provide a separate policy rate recommendation...

In this paper, we examine the effectiveness of monetary policies in selected countries of the Euro area (France, Germany, and Italy), the United States and the United Kingdom for the period from 1990 to 2013. We additionally focus on the 2007 financial crisis where the efficacy of both...