Elements of Optimal Monetary Policy Committee Design:
The move from individual decision making to committee decision making is widely seen as a major evolution in contemporary central banking. This paper reviews the relevant economics and social psychology literatures with a view to providing some insights into the question of optimal monetary policy c...
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Format: | Elektronisch E-Book |
Sprache: | English |
Veröffentlicht: |
Washington, D.C
International Monetary Fund
2006
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Schriftenreihe: | IMF Working Papers
Working Paper No. 06/277 |
Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
Zusammenfassung: | The move from individual decision making to committee decision making is widely seen as a major evolution in contemporary central banking. This paper reviews the relevant economics and social psychology literatures with a view to providing some insights into the question of optimal monetary policy committee design. While the preference aggregation literature points to the effect of committee structure on the extent of the time inconsistency problem and its associated costs, the belief aggregation literature analyzes how different committee structures affect the efficiency of information pooling, the process of social influence, and collective accuracy. In conclusion, we highlight the main tradeoffs that the analysis has brought to light and point to directions for future research |
Beschreibung: | 1 Online-Ressource (38 p) |
ISBN: | 1451865376 9781451865370 |
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spelling | Vandenbussche, Jérôme Verfasser aut Elements of Optimal Monetary Policy Committee Design Vandenbussche, Jérôme Washington, D.C International Monetary Fund 2006 1 Online-Ressource (38 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 06/277 The move from individual decision making to committee decision making is widely seen as a major evolution in contemporary central banking. This paper reviews the relevant economics and social psychology literatures with a view to providing some insights into the question of optimal monetary policy committee design. While the preference aggregation literature points to the effect of committee structure on the extent of the time inconsistency problem and its associated costs, the belief aggregation literature analyzes how different committee structures affect the efficiency of information pooling, the process of social influence, and collective accuracy. In conclusion, we highlight the main tradeoffs that the analysis has brought to light and point to directions for future research Online-Ausg http://elibrary.imf.org/view/IMF001/02022-9781451865370/02022-9781451865370/02022-9781451865370.xml Verlag URL des Erstveröffentlichers Volltext |
spellingShingle | Vandenbussche, Jérôme Elements of Optimal Monetary Policy Committee Design |
title | Elements of Optimal Monetary Policy Committee Design |
title_auth | Elements of Optimal Monetary Policy Committee Design |
title_exact_search | Elements of Optimal Monetary Policy Committee Design |
title_exact_search_txtP | Elements of Optimal Monetary Policy Committee Design |
title_full | Elements of Optimal Monetary Policy Committee Design Vandenbussche, Jérôme |
title_fullStr | Elements of Optimal Monetary Policy Committee Design Vandenbussche, Jérôme |
title_full_unstemmed | Elements of Optimal Monetary Policy Committee Design Vandenbussche, Jérôme |
title_short | Elements of Optimal Monetary Policy Committee Design |
title_sort | elements of optimal monetary policy committee design |
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