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• W1484657813 abstract "This paper models monetary policy decisions as being taken by an interacting group of heterogeneous policy makers, organized in a committee. Disclosing the premises on which an individual view on the interest rate is based is likely to provide value added in terms of the quality of the collective decision over-and-above simultaneous voting on interest rates. However, this is not generally true, as communication also involves a trade-off in the quality of views of committee members, which can lead to a reduction in the quality of collective decisions below the outcome achieved under simple majority voting. Still, communication is a relatively effective way to implement the ’knowledge pooling’ argument pro collective decision-making, compared to expanding the size of the MPC. (JEL E58, D71, D78)" @default.
• W1484657813 created "2016-06-24" @default.
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• W1484657813 date "2009-11-01" @default.
• W1484657813 modified "2023-09-27" @default.
• W1484657813 title "Communication in a monetary policy committee: a note" @default.
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