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文章基本信息

  • 标题:Monetary Policy Committees, Learning, and Communication
  • 本地全文:下载
  • 作者:Weber, Anke
  • 期刊名称:International Monetary Fund Survey
  • 印刷版ISSN:0047-083X
  • 出版年度:2010
  • 期号:Apr
  • 出版社:International Monetary Fund
  • 摘要:

    This paper considers optimal communication by monetary policy committees in a model of imperfect knowledge and learning. The main policy implications are that there may be costs to central bank communication if the public is perpetually learning about the committee's decision-making process and policy preferences. When committee members have heterogeneous policy preferences, welfare is greater under majority voting than under consensus decision-making. Furthermore, central bank communication under majority voting is more likely to be beneficial in this case. It is also shown that a chairman with stable policy preferences who carries significant weight in the monetary policy decision-making process is welfare enhancing.

  • 关键词:Central bank communication ; monetary policy committees ; adaptive learning
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