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Flexible Majority Rules for Central Banks

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Author Info
HANS GERSBACH
BERNHARD PACHL

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Abstract

We propose a flexible majority rule for central-bank committees where the size of the majority depends monotonically on the change in interest rate within a particular time frame. Small changes in the interest rate require a small share, while larger changes require a larger share of supporting votes. We show that flexible majority rules are superior to simple majority rules. Copyright (c) 2009 The Ohio State University.

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1538-4616.2009.00218.x
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Publisher Info
Article provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking.

Volume (Year): 41 (2009)
Issue (Month): 2-3 (03)
Pages: 507-516
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Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:2-3:p:507-516

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879

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This page was last updated on 2009-12-8.

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