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dc.contributor.authorRiboni, Alessandro
dc.contributor.authorRuge-Murcia, Francesco
dc.date.accessioned2011-11-29T15:02:22Z
dc.date.available2011-11-29T15:02:22Z
dc.date.issued2010-02
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/7683
dc.language.isoenen
dc.subjectCommitteesen
dc.subjectvoting modelsen
dc.subjectstatus-quo biasen
dc.subjectmedian voteren
dc.subject.ddc339en
dc.subject.classificationjelE58en
dc.subject.classificationjelE52en
dc.subject.classificationjelD72en
dc.titleMonetary Policy by Committee : Consensus, Chairman Dominance or Simple Majority ?en
dc.typeArticle accepté pour publication ou publié
dc.description.abstractenThis paper studies the theoretical and empirical implications of monetary policy making by committee under four different voting protocols. The protocols are a consensus model, where a supermajority is required for a policy change; an agenda-setting model, where the chairman controls the agenda; a dictator model, where the chairman has absolute power over the committee; and a simple majority model, where policy is determined by the median member. These protocols give preeminence to different aspects of the actual decision-making process and capture the observed heterogeneity in formal procedures across central banks. The models are estimated by maximum likelihood using interest rate decisions by the committees of five central banks, namely the Bank of Canada, the Bank of England, the European Central Bank, the Swedish Riksbank, and the U.S. Federal Reserve. For all central banks, results indicate that the consensus model fits actual policy decisions better than the alternative models. This suggests that despite institutional differences, committees share unwritten rules and informal procedures that deliver observationally equivalent policy decisions.en
dc.relation.isversionofjnlnameThe Quarterly Journal of Economics
dc.relation.isversionofjnlvol125en
dc.relation.isversionofjnlissue1en
dc.relation.isversionofjnldate2010-02
dc.relation.isversionofjnlpages363-416en
dc.relation.isversionofdoihttp://dx.doi.org/10.1162/qjec.2010.125.1.363en
dc.description.sponsorshipprivateouien
dc.relation.isversionofjnlpublisherOxford University Pressen
dc.subject.ddclabelMacroéconomieen


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