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文章基本信息

  • 标题:On the Optimality of Decisions made by Hub-and-Spokes Monetary Policy Committees
  • 本地全文:下载
  • 作者:Jan Marc Berk en Beata K. Bierut
  • 期刊名称:DNB Working Papers / De Nederlandsche Bank
  • 出版年度:2005
  • 卷号:1
  • 出版社:De Nederlandsche Bank
  • 摘要:

    Most monetary policy committees decide on interest rates using a simple majority voting rule. Given the inherent heterogeneity of committee members, this voting rule is suboptimal in terms of the quality of the interest rate decision, but popular for other (political) reasons. We show that a clustering of committee members into two subgroups, as is the case in hub-and-spokes systems of central banks (e.g. the Fed or the ESCB), can eliminate this inefficiency whilst retaining the simple majority voting rule. JEL-Codes D71, D78, E58

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