European Monetary Policy and the ECB Rotation Model – Voting Power of the Core versus the Periphery

Arbeitspapier

We analyze the ECB Governing Council's voting procedures. The literature has by now discussed numerous aspects of the rotation model but does not account for many institutional aspects of the voting procedure of the GC. Using the randomization scheme based on the multilinear extension (MLE) of games, we try to close three of these gaps. First, we integrate specific preferences of national central bank presidents, i.e. their desired interest rates. Second, we address the agenda-setting power of the ECB president. Third, we do not simulate an average of the decisions but look at every relevant point in time separately.

Object Details

• ISBN: 978-3-86788-196-8
• Language: Englisch

References and Relationships

• Bibliographic citation: Series: Ruhr Economic Papers ; No. 175

Classification and Topics

• Classification: Wirtschaft ; Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior ; Positive Analysis of Policy Formulation and Implementation ; Central Banks and Their Policies
• Subject: Euro area ; European Central Bank ; monetary policy ; rotation ; voting rights ; Zentralbank ; Abstimmungsregel ; Reform ; Abstimmung ; Machtindex ; Europäische Wirtschafts- und Währungsunion ; Theorie

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Belke, Ansgar ; von Schnurbein, Barbara
• Event: Veröffentlichung
• (who): Rheinisch-Westfälisches Institut für Wirtschaftsforschung (RWI)
• (where): Essen
• (when): 2010

Further information

• Handle: http://hdl.handle.net/10419/37010
• Last update: 23.02.0012, 12:45 PM CET