HENRY W. CHAPPELL JR.; MCGREGOR, ROB ROY; VERMILYEA, TODD A. - In: Journal of Money, Credit and Banking 46 (2014) 4, pp. 665-692
Committees may make better monetary policy decisions than individuals; however, the benefits of group decision making could be lost if committee members cede power to a chairman. We develop an econometric model to describe intracommittee power‐sharing across members. Estimation of the model...