Elements of Optimal Monetary Policy Committee Design

• Pubblicazione: Washington, D.C. : , : International Monetary Fund, , 2006
• Descrizione fisica: 1 online resource (40 p.)
• Soggetto topico: Committees; Monetary policy - Decision making; Banks and Banking; Inflation; Public Finance; Taxation; Banks; Depository Institutions; Micro Finance Institutions; Mortgages; Price Level; Deflation; Taxation, Subsidies, and Revenue: General; Central Banks and Their Policies; Banking; Macroeconomics; Public finance & taxation; Central bank legislation; Tax incentives; Communications in revenue administration; Banks and banking; Prices; Revenue
• Soggetto geografico: United Kingdom
• Note generali: "December 2006."
• Nota di bibliografia: Includes bibliographical references.
• Nota di contenuto: ""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""
• Sommario/riassunto: 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.
• Titolo autorizzato: Elements of Optimal Monetary Policy Committee Design
• ISBN: 1-4623-0438-9; 1-4527-1784-2; 1-283-51502-4; 9786613827470; 1-4519-0990-X
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Lingua di pubblicazione: Inglese
• Record Nr.: 9910788404203321
• Lo trovi qui: Univ. Federico II
• Serie: IMF Working Papers; Working Paper ; ; No. 2006/277