Monetary Policy Committees: Individual and Collective Reputations
نویسندگان
چکیده
منابع مشابه
Monetary Policy Committees and Interest Rate Smoothing
We extend the New Keynesian Monetary Policy literature relaxing the assumption that the decisions are taken by a single policymaker, considering instead that monetary policy decisions are taken collectively in a committee. We introduce a Monetary Policy Committee (MPC), whose members have different preferences between output and inflation variability and have to vote on the level of the interes...
متن کاملOptimal Structure of Monetary Policy Committees∗
This paper explores an optimal personnel organization problem of monetary policy committees. First, I construct an analytically tractable model for monetary policy analysis which starts from decision-making in the monetary policy committee. Using the model, I investigate the relationship between preference heterogeneity among the committee members and the optimal structure of the monetary polic...
متن کاملMonetary Aggregates and Monetary Policy
This is a special conference for the Federal Reserve Bank of Boston, and for me personally. The role of monetary aggregates in monetary policy was intensely controversial when I joined the staff of the Board of Governors in May 1969. I was immediately asked to join the staff of the newly formed FOMC Committee on the Directive. Governor Sherman Maisel chaired that committee; the other two member...
متن کاملCommunication, Decision Making, and the Optimal Degree of Transparency of Monetary Policy Committees
This paper develops a theoretical model of a monetary policy committee with heterogeneous members whose decisions and public communications are observed by the financial markets. It thereby provides a link between the literatures on monetary policy committees and central bank communication. The results show that transparency about the different views among committee members surrounding the econ...
متن کاملCentral Bank Transparency and Monetary Policy Effectiveness
The paper concentrates on the conditions, contingencies and determinants of central bank transparency and communication. From the state of the economy and the quality of national institutions, to the structure of monetary policy committees, the personality of the governor and the nature of the monetary policy framework - with a particular focus on the case of inflation targeting, there i...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Review of Economic Studies
سال: 2003
ISSN: 0034-6527,1467-937X
DOI: 10.1111/1467-937x.00260