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- W2953886106 abstract "This paper considers optimal communication by monetary policy committees in a model of imperfect knowledge and learning. The main policy implications are that there may be costs to central bank communication if the public is perpetually learning about the committee's decision-making process and policy preferences. When committee members have heterogeneous policy preferences, welfare is greater under majority voting than under consensus decision-making. Furthermore, central bank communication under majority voting is more likely to be beneficial in this case. It is also shown that a chairman with stable policy preferences who carries significant weight in the monetary policy decision-making process is welfare enhancing." @default.
- W2953886106 created "2019-07-12" @default.
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- W2953886106 date "2010-01-01" @default.
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- W2953886106 title "Monetary Policy Committees, Learning, and Communication" @default.
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- W2953886106 doi "https://doi.org/10.5089/9781451982633.001" @default.
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