Making monetary policy by committee

International Finance

Volumn 12, Issue 2, 2009, Pages 171-194

  Blinder, Alan S ^a  

^a PRINCETON UNIVERSITY   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 69849115057     PISSN: 13670271     EISSN: 14682362     Source Type: Journal    
DOI: 10.1111/j.1468-2362.2008.01229.x     Document Type: Conference Paper

References (36)

1. Berger, Helge, Volker Nitsch and Tonny Lybeck (2006), 'Central Bank Boards Around the World: Why Does Membership Size Differ?', International Monetary Fund Working Paper No. 06/281. http://www.imf.org/ external/pubs/ft/wp/2006/wp06281.pdf
2. Blinder, Alan S. (1998), Central Banking in Theory and Practice. Cambridge, MA: MIT Press.
3. Blinder, Alan S. (2004), The Quiet Revolution: Central Banking Goes Modern. New Haven, CT: Yale University Press.
4. Blinder, Alan S. (2007), 'Monetary Policy by Committee: Why and How?', European Journal of Political Economy, 23(1), 106-23.
5. Blinder, Alan S., and John Morgan (2005), 'Are Two Heads Better than One? An Experimental Analysis of Group versus Individual Decision Making', Journal of Money, Credit and Banking, 37(5), 789-811.
6. Blinder, Alan S., and John Morgan (2008), 'Leadership in Groups: A Monetary Policy Experiment', International Journal of Central Banking, 4(4), 117-50.
7. Blinder, Alan S., Charles Goodhart, Philipp Hildebrand, David Lipton and Charles Wyplosz (2001), How Do Central Banks Talk? Geneva Report on the World Economy, Vol. 3. Geneva: International Centre for Monetary and Banking Studies.
8. Buiter, Willem H. (1999), 'Alice in Euroland', Journal of Common Market Studies, 37(2), 181-209.
9. Chappell, Henry W. Jr., Rob Roy McGregor and Todd Vermilyea (2004), 'Majority Rule, Consensus Building, and the Power of the Chairman: Arthur Burns and the FOMC', Journal of Money, Credit and Banking, 36(3), 407-22.
10. Chappell, Henry W. Jr., Rob Roy McGregor and Todd Vermilyea (2005), Committee Decisions on Monetary Policy. Cambridge, MA: MIT Press.
11. Condorcet, Marquis de (Marie-Jean-Antoine-Nicolas de Caritat) (1785), Essai sur l'application de l'analyse àla probabilitédes decisions rendues àla pluralitédes voix [Essay on the Application of Analysis to the Probability of Majority Decisions]. Paris: L'Imprimerie Royale.
12. Coughlan, Peter J. (2000), 'In Defense of Unanimous Jury Verdicts: Mistrials, Communication, and Strategic Voting', American Political Science Review, 94(2), 375-93.
13. Erhart, Szilard, and Jose Luis Vasquez-Paz (2007), 'Optimal Monetary Policy Committee Size: Theory and Cross Country Evidence', Kiel Advanced Studies Working Paper No. 439, Kiel Institute for the World Economy.
14. Faust, Jon (1996), 'Whom Can We Trust to Run the Fed? Theoretical Support for the Founders' Views', Journal of Monetary Economics, 37(2), 267-83.
15. Feddersen, Timothy, and Wolfgang Pesendorfer (1997), 'Voting Behavior and Information Aggregation in Elections with Private Information', Econometrica, 65(5), 1029-58.
16. Feddersen, Timothy, and Wolfgang Pesendorfer (1998), 'Convicting the Innocent: The Inferiority of Unanimous Jury Verdicts under Strategic Voting', American Political Science Review, 92(1), 23-35.
17. Fry, Maxwell J., Deanne Julius, Lavan Mahadeva, Sandra Roger and Gabriel Sterne (2000), 'Key Issues in the Choice of Monetary Policy Framework', in L. Mahadeva and G. Sterne (eds), Monetary Policy Frameworks in a Global Context. London: Routledge.
18. Gerlach-Kristen, Petra (2006), 'Setting Monetary Policy: The Role of the Chairman', Mimeo, Swiss National Bank.
19. Gerlach-Kristen, Petra (2007), 'The MPC at Ten: The Voting Pattern of Insiders and Outsiders', University of Basel Working Paper.
20. Gersbach, Hans, and Volker Hahn, 'Voting Transparency in a Monetary Union', Journal of Money, Credit and Banking, forthcoming.
21. Hong, Lu, and Scott E. Page (2004), 'Groups of Diverse Problem Solvers Can Outperform Groups of High-Ability Problem Solvers', Proceedings of the National Academy of Sciences, 101(46), 16385-9.
22. Janis, Irving (1982), Groupthink: Psychological Studies of Policy Decisions and Fiascos. Boston, MA: Houghton Mifflin.
23. Lohmann, Susanne. (1992), 'Optimal Commitment in Monetary Policy: Credibility versus Flexibility', American Economic Review, 82(1), 273-86.
24. Lombardelli, Clare, James Proudman and James Talbot (2005), 'Committees versus Individuals: An Experimental Analysis of Monetary Policy Decision Making', International Journal of Central Banking, 1(1), 181-205.
25. Lybek, Tonny, and JoAnne Morris (2004), 'Central Bank Governance: A Survey of Boards and Arrangements', International Monetary Fund Working Paper No. 04/226. http://www.imf.org/external/pubs/ft/wp/2004/wp04226.pdf
26. Maier, Philipp (2007), 'How Central Banks Take Decisions: An Analysis of Monetary Policy Meetings', Mimeo, Bank of Canada.
27. Meade, Ellen E., and David Nathan Sheets (2005), 'Regional Influences on U.S. Monetary Policy', Journal of Money, Credit and Banking, 37(4), 661-77.
28. Meade, Ellen E., and David Stasavage (2008), 'Publicity of Debate and the Incentive to Dissent: Evidence from the US Federal Reserve', The Economic Journal, 118(528), 695-717.
29. Meyer, Laurence H. (2004), A Term at the Fed: An Insider's View. New York: HarperCollins.
30. Moutot, Philippe, Alexander Jung and Francesco Mongelli (2008), 'The Working of the Eurosystem: Monetary Policy Preparations and Decision-Making -Selected Issues', European Central Bank Occasional Paper No. 79.
31. Ottaviani, Marco, and Peter Sørensen (2001), 'Information Aggregation in Debate: Who Should Speak First?', Journal of Public Economics, 81(3), 393-421.
32. Romer, Christina D., and David H. Romer (2004), 'Choosing the Federal Reserve Chair: Lessons from History', Journal of Economic Perspectives, 18(1), 129-62.
33. Sibert, Anne (2003), 'Monetary Policy Committees: Individual and Collective Reputations', Review of Economic Studies, 70(3), 649-65.
34. Sibert, Anne (2006), 'Central Banking by Committee', International Finance, 9(2), 145-68.
35. Tabellini, Guido (1987), 'Reputational Constraints on Monetary Policy: A Comment', Carnegie-Rochester Conference Series on Public Policy, 26, 183-90.
36. Waller, Christopher J. (1992), 'A Bargaining Model of Partisan Appointments to the Central Bank', Journal of Monetary Economics, 29(3), 411-28.