04625oam 22011774 450 991097515170332120250426110517.097866138274709781462304387146230438997814527178451452717842978128351502312835150249781451909906145190990X(CKB)3360000000443675(EBL)3014516(SSID)ssj0000940728(PQKBManifestationID)11588674(PQKBTitleCode)TC0000940728(PQKBWorkID)10955824(PQKB)11760840(OCoLC)694141213(MiAaPQ)EBC3014516(IMF)WPIEE2006277(IMF)WPIEA2006277WPIEA2006277(EXLCZ)99336000000044367520020129d2006 uf 0engur|n|---|||||txtccrElements of Optimal Monetary Policy Committee Design /Jerome Vandenbussche1st ed.Washington, D.C. :International Monetary Fund,2006.1 online resource (40 p.)IMF Working Papers"December 2006."9781451865370 1451865376 Includes bibliographical references.""Contents""; ""I. INTRODUCTION""; ""II. A LARGE DIVERSITY OF MONETARY POLICY COMMITTEES""; ""III. NORMATIVE ISSUES IN MONETARY POLICY COMMITTEE DESIGN""; ""IV. PREFERENCE AGGREGATION IN MONETARY POLICY COMMITTEES""; ""V. BELIEF AGGREGATION IN MONETARY POLICY COMMITTEES""; ""VI. SUMMARY AND CONCLUSIONS""; ""VII. REFERENCES""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.IMF Working Papers; Working Paper ;No. 2006/277CommitteesMonetary policyDecision makingBankingimfBanks and BankingimfBanks and bankingimfBanksimfCentral bank legislationimfCentral Banks and Their PoliciesimfCommunications in revenue administrationimfDeflationimfDepository InstitutionsimfInflationimfMacroeconomicsimfMicro Finance InstitutionsimfMortgagesimfPrice LevelimfPricesimfPublic finance & taxationimfPublic FinanceimfRevenueimfTax incentivesimfTaxationimfTaxation, Subsidies, and Revenue: GeneralimfUnited KingdomimfCommittees.Monetary policyDecision making.BankingBanks and BankingBanks and bankingBanksCentral bank legislationCentral Banks and Their PoliciesCommunications in revenue administrationDeflationDepository InstitutionsInflationMacroeconomicsMicro Finance InstitutionsMortgagesPrice LevelPricesPublic finance & taxationPublic FinanceRevenueTax incentivesTaxationTaxation, Subsidies, and Revenue: GeneralVandenbussche Jerome1816608International Monetary Fund.Monetary and Capital Markets Dept.DcWaIMFBOOK9910975151703321Elements of Optimal Monetary Policy Committee Design4372848UNINA