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Preferences or private assessments on a monetary policy committee?
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Hansen, Stephen, McMahon, Michael F. and Velasco Rivera, Carlos (2014) Preferences or private assessments on a monetary policy committee? Journal of Monetary Economics, 67 . pp. 16-32. doi:10.1016/j.jmoneco.2014.06.004 ISSN 0304-3932.
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Official URL: http://dx.doi.org/10.1016/j.jmoneco.2014.06.004
Abstract
Using Bank of England voting data, we show empirically that members’ votes are driven by heterogeneous individual assessments of the economy as well as their individual policy preferences. Estimates indicate that internal committee members form more precise assessments than externals and are also more hawkish. The estimates allow the first quantification of the gain due to information aggregation on monetary policy committees. The marginal gain from additional committee members tapers quickly after five members. There is no evidence of gains through externals’ moderating internals’ preferences. A relatively small committee of highly informed internal members emerges as a desirable committee structure.
Item Type: | Journal Article | ||||||||
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Subjects: | H Social Sciences > HG Finance | ||||||||
Divisions: | Faculty of Social Sciences > Economics | ||||||||
Library of Congress Subject Headings (LCSH): | Bank of England. Monetary Policy Committee, Monetary policy -- Great Britain -- 21st Century | ||||||||
Journal or Publication Title: | Journal of Monetary Economics | ||||||||
Publisher: | Elsevier BV | ||||||||
ISSN: | 0304-3932 | ||||||||
Official Date: | October 2014 | ||||||||
Dates: |
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Volume: | 67 | ||||||||
Page Range: | pp. 16-32 | ||||||||
DOI: | 10.1016/j.jmoneco.2014.06.004 | ||||||||
Status: | Peer Reviewed | ||||||||
Publication Status: | Published | ||||||||
Access rights to Published version: | Restricted or Subscription Access | ||||||||
Date of first compliant deposit: | 31 January 2017 | ||||||||
Date of first compliant Open Access: | 31 January 2017 | ||||||||
Adapted As: |
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