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A decade of dissent: explaining the dissent voting behavior of Bank of England MPC members

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  • Mark Harris

    ()

  • Paul Levine

    ()

  • Christopher Spencer

    ()

Abstract

We examine the dissent voting record of the Bank of England Monetary Policy Committee (MPC) in its first decade. Probit estimates indicate the impact of career experience on dissent voting is negligible, whereas the impact of forecast inflation is pronounced. In addition to finding a role for dynamics, we also find a role for unobserved heterogeneity in the form of member-specific fixed-effects, suggesting previous literature characterizing voting behavior as largely determined by whether members are appointed from within or outside the ranks of Bank of England staff (internal and external members respectively) is overly simplistic.

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Bibliographic Info

Article provided by Springer in its journal Public Choice.

Volume (Year): 146 (2011)
Issue (Month): 3 (March)
Pages: 413-442

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Handle: RePEc:kap:pubcho:v:146:y:2011:i:3:p:413-442

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Web page: http://www.springerlink.com/link.asp?id=100332

Related research

Keywords: Bank of England; Monetary Policy Committee; Career background effects; Dissent voting; Appointment channels; Unobserved heterogeneity;

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