Arbeitspapier
Too many cooks? Committees in monetary policy
How many people should decide about monetary policy? In this paper, we take an empirical perspective on this issue, analyzing the relationship between the number of monetary policy decisionmakers and monetary policy outcomes. Using a new data set that characterizes Monetary Policy Committees (MPCs) in more than 30 countries from 1960 through 2000, we find a U-shaped relation between the membership size of MPCs and inflation; our results suggest that the lowest level of inflation is reached at MPCs with about seven to ten members. Similar results are obtained for other measures, such as inflation variability and output growth. We also find that MPC size influences the success of monetary targeting regimes. In contrast, there is no evidence that either turnover rates of MPC members or the membership composition of MPCs affect economic outcomes.
- ISBN
-
3938369795
- Sprache
-
Englisch
- Erschienen in
-
Series: Diskussionsbeiträge ; No. 2008/8
- Klassifikation
-
Wirtschaft
Monetary Policy
Central Banks and Their Policies
Policy Objectives; Policy Designs and Consistency; Policy Coordination
- Thema
-
Central bank design
monetary policy committee
central bank board
central bank council
governance
inflation.
Zentralbank
Geldpolitik
Gruppenentscheidung
Inflationsbekämpfung
Welt
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Berger, Helge
Nitsch, Volker
- Ereignis
-
Veröffentlichung
- (wer)
-
Freie Universität Berlin, Fachbereich Wirtschaftswissenschaft
- (wo)
-
Berlin
- (wann)
-
2008
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Berger, Helge
- Nitsch, Volker
- Freie Universität Berlin, Fachbereich Wirtschaftswissenschaft
Entstanden
- 2008
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