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  • 标题:Communication in a monetary policy committee: a note
  • 本地全文:下载
  • 作者:Jan Marc Berk ; Beata Bierut
  • 期刊名称:DNB Working Papers / De Nederlandsche Bank
  • 出版年度:2009
  • 卷号:1
  • 出版社:De Nederlandsche Bank
  • 摘要:This paper models monetary policy decisions as being taken by an interacting group of heterogeneous policy makers, organized in a committee. Disclosing the premises on which an individual view on the interest rate is based is likely to provide value added in terms of the quality of the collective decision over-and-above simultaneous voting on interest rates. However, this is not generally true, as communication also involves a trade-off in the quality of views of committee members, which can lead to a reduction in the quality of collective decisions below the outcome achieved under simple majority voting. Still, communication is a relatively effective way to implement the ’knowledge pooling’ argument pro-collective decision-making, compared to expanding the size of the MPC.
  • 关键词:committees, deliberations, correlated votes, simple majority voting. JEL classification: E58, D71, D78.
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