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

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Author Info

  • 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.

(This abstract was borrowed from another version of this item.)

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File URL: http://hdl.handle.net/10.1007/s11127-010-9597-6
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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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References

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Citations

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Cited by:
  1. Jan Marc Berk & Beata Bierut & Ellen Meade, 2010. "The Dynamic Voting Patterns of the Bank of England's MPC," DNB Working Papers 261, Netherlands Central Bank, Research Department.
  2. RIBONI, Alessandro & RUGE-MURCIA, Francisco J., 2011. "Dissent in Monetary Policy Decisions," Cahiers de recherche 06-2011, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
  3. Hansen, Stephen & McMahon, Michael, 2011. "How Experts Decide : Identifying Preferences versus Signals from Policy Decisions," The Warwick Economics Research Paper Series (TWERPS) 963, University of Warwick, Department of Economics.
  4. Hansen, Stephen & McMahon, Michael, 2010. "What Do Outside Experts Bring To A Committee? Evidence From The Bank of England," The Warwick Economics Research Paper Series (TWERPS) 946, University of Warwick, Department of Economics.
  5. Paolo Balduzzi & Clara Graziano & Annalisa Luporini, 2012. "Voting in Small Committees," CESifo Working Paper Series 3732, CESifo Group Munich.
  6. Roman Horváth & Kateøina Šmídková & Jan Zápal & Marek Rusnák, 2012. "Dissent Voting Behavior of Central Bankers: What Do We Really Know?," Working Papers IES 2012/05, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Feb 2012.

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