Dissent in monetary policy decisions

被引：18

作者：

Riboni, Alessandro ^{[1
]}

Ruge-Murcia, Francisco ^{[2
]}

机构：

[1] Ecole Polytech, Dept Econ, F-91128 Palaiseau, France

[2] McGill Univ, Dept Econ, 855 Sherbrooke St West, Montreal, PQ H3A 2T7, Canada

来源：

JOURNAL OF MONETARY ECONOMICS | 2014年 / 66卷

关键词：

Committees; Voting models; Supermajority; Political economy of central banking; FEDERAL-RESERVE; COMMITTEES; PREFERENCES; REPUTATION; EXPERTS;

D O I：

10.1016/j.jmoneco.2014.03.006

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Voting records indicate that dissents in monetary policy committees are frequent and predictability regressions show that they help forecast future policy decisions. This paper develops a model of consensual collective decision-making and dissent, and estimates it using individual voting data from the Bank of England and the Riksbank. Regressions based on artificial data simulated from the model show that decision-making frictions help account for the predictive power of current dissents. (C) 2014 Elsevier B.V. All rights reserved.

引用

下载

页码：137 / 154

页数：18

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