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committee to make decisions through voting is that a commitment device can be created out of it, without totally renouncing … flexibility to respond to unexpected contingencies. Appropriate voting procedures and a well chosen supermajority rule can make a … can mitigate time inconsistency by introducing a status quo bias. When voting institutions (ie. the committee …
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While not obvious at first sight, in many modern economies, the position of a monetary authority is similar to the position of the highest-level court (Goodhart (2002)). For example, both bodies are expected to operate independently even though there are crosscountry differences in what...
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We analyze the ECB Governing Council’s voting procedures. The literature has by now discussed numerous aspects of the … rotation model but does not account for many institutional aspects of the voting procedure of the GC. Using the randomization …
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