摘要：This paper models the role of the Chairman in the decision making of
individualistic and autocratically collegial monetary policy committees,
assuming that uncertainty about the optimal interest rate causes policymakers'
views to differ and that they are unable to communicate their opinions
perfectly. The Chairman’s ability to moderate the discussion and his economic
skills - and, in an autocratically collegial committee, the authority arising
from his position - impact the path of interest rates and the distribution of
votes. Simulations suggest that his influence on the quality of policy itself is
limited and that interest rate setting is only slightly worse in an
autocratically collegial setup. The Chairman's main impact is to help build
consensus in the committee, which enhances the credibility of monetary policy.
