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- W2014205851 abstract "We study how the optimal degree of conservatism relates to decision-making procedures in a Monetary Policy Committee (MPC). In our framework, central bank conservatism is required to attenuate the volatility of monetary decisions generated by the presence of uncertainty about the committee members’ output objective. We show how this need for conservatism varies according to the number of MPC members, the MPC’s composition as well as its decision rule. Moreover, we find that extra central bank conservatism is required when there is ambiguity about the MPC’s true decision rule." @default.
- W2014205851 created "2016-06-24" @default.
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- W2014205851 creator A5059982587 @default.
- W2014205851 date "2014-09-21" @default.
- W2014205851 modified "2023-09-24" @default.
- W2014205851 title "Optimal Conservatism and Collective Monetary Policymaking under Uncertainty" @default.
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- W2014205851 doi "https://doi.org/10.1007/s11079-014-9329-5" @default.
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