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Preference Heterogeneity in Monetary Policy Committees

Riboni, Alessandro; Ruge-Murcia, Francesco (2008), Preference Heterogeneity in Monetary Policy Committees, International Journal of Central Banking, 4, 1, p. 213-233

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Type
Article accepté pour publication ou publié
Date
2008
Journal name
International Journal of Central Banking
Volume
4
Number
1
Publisher
IJCB
Pages
213-233
Metadata
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Author(s)
Riboni, Alessandro
Ruge-Murcia, Francesco
Abstract (EN)
This short paper employs individual voting records of the Monetary Policy Committee (MPC) of the Bank of England to study heterogeneity in policy preferences among committee members. The analysis is carried out using a simple generalization of the standard New Keynesian framework that allows members to differ in the weight they give to output compared with inflation stabilization and in their views regarding optimal inflation and natural output. Results indicate that, qualitatively, MPC members are fairly homogeneous in their policy preferences, but there are systematic quantitative differences in their policy reaction functions that are related to the nature of their membership and career background.
Subjects / Keywords
Committees; reaction functions; Bank of England
JEL
D7 - Analysis of Collective Decision-Making
E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit
E4 - Money and Interest Rates

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