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The role of regional information in the optimal composition of a committee

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Author Info

  • Robert-Paul Berben

    ()
    (De Nederlandsche Bank)

  • Beata Bierut

    ()
    (De Nederlandsche Bank)

  • Philipp Maier

    ()
    (Bank of America)

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    Abstract

    We analyse the optimal composition of a committee comprising members that have private information and represent constituencies of different economic sizes. ‘Proportional representation' - i.e. each constituency represented proportionally to its economic weight - seems intuitively appealing, but as we demonstrate, the optimal committee composition is more complex. We show that representation in a committee depends also on (i) the ‘intrinsic' uncertainty of the available data, (ii) constituency's degree of sectoral specialization, and (iii) the extent to which economic developments are correlated between constituencies.

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    File URL: http://www.accessecon.com/Pubs/EB/2012/Volume32/EB-12-V32-I1-P48.pdf
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    Bibliographic Info

    Article provided by AccessEcon in its journal Economics Bulletin.

    Volume (Year): 32 (2012)
    Issue (Month): 1 ()
    Pages: 510-517

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    Handle: RePEc:ebl:ecbull:eb-11-00135

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    Related research

    Keywords: optimal composition of a committee; information uncertainty; regional representation; EMU enlargement; monetary institutions;

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    1. Friedrich Heinemann & Felix P. Huefner, 2004. "Is The View From The Eurotower Purely European? - National Divergence And Ecb Interest Rate Policy," Scottish Journal of Political Economy, Scottish Economic Society, vol. 51(4), pages 544-558, 09.
    2. Ullrich, Katrin, 2004. "Decision-Making of the ECB: Reform and Voting Power," ZEW Discussion Papers 04-70, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
    3. Meade, Ellen E & Sheets, D Nathan, 2005. "Regional Influences on FOMC Voting Patterns," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 37(4), pages 661-77, August.
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