Voting Transparency in a Monetary Union
AbstractWe examine whether the monetary policy committee of a monetary union should publish its voting records when members are appointed by national politicians. We show that the publication of voting records lowers overall welfare. This finding also holds for arbitrary levels of private benefits from holding office and if governments incur costs when replacing committee members. High private benefits of committee members always lower overall welfare, as they induce nonpartisan members to care more about being reappointed than about beneficial policy outcomes. Nonrenewable but long terms for national committee members and delegating the appointment of all committee members to a union-wide authority would be desirable. Copyright (c) 2009 The Ohio State University.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking.
Volume (Year): 41 (2009)
Issue (Month): 5 (08)
Contact details of provider:
Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879
Other versions of this item:
- D70 - Microeconomics - - Analysis of Collective Decision-Making - - - General
- E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Anne Sibert, 1999.
"Monetary Policy Committees: Individual and Collective Reputations,"
CESifo Working Paper Series
226, CESifo Group Munich.
- Anne Sibert, 2003. "Monetary Policy Committees: Individual and Collective Reputations," Review of Economic Studies, Wiley Blackwell, vol. 70(3), pages 649-665, 07.
- Sibert, Anne, 1999. "Monetary Policy Committees: Individual and Collective Reputations," CEPR Discussion Papers 2328, C.E.P.R. Discussion Papers.
- Petra M. Geraats, 2002. "Central Bank Transparency," Economic Journal, Royal Economic Society, vol. 112(483), pages 532-565, November.
- Christopher J. Waller, 2000. "Policy Boards And Policy Smoothing," The Quarterly Journal of Economics, MIT Press, vol. 115(1), pages 305-339, February.
- Marvin Goodfriend, 1985.
"Monetary mystique : secrecy and central banking,"
85-07, Federal Reserve Bank of Richmond.
- Hans Gersbach & Volker Hahn, 2008.
"Should the individual voting records of central bankers be published?,"
Social Choice and Welfare,
Springer, vol. 30(4), pages 655-683, May.
- Hahn, Volker & Gersbach, Hans, 2001. "Should the Individual Voting Records of Central Bankers be Published?," Discussion Paper Series 1: Economic Studies 2001,02, Deutsche Bundesbank, Research Centre.
- Mike Felgenhauer & Hans Peter Grüner, 2008.
"Committees and Special Interests,"
Journal of Public Economic Theory,
Association for Public Economic Theory, vol. 10(2), pages 219-243, 04.
- 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.
- Huefner, Felix P & Friedrich Heinemann, 2003. "Is the View from the Eurotower Purely European? - National Divergence and ECB Interest Rate Policy," Royal Economic Society Annual Conference 2003 110, Royal Economic Society.
- Heinemann, Friedrich & Huefner, Felix P., 2002. "Is the View from the Eurotower Purely European? National Divergence and ECB Interest Rate Policy," ZEW Discussion Papers 02-69, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
- 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.
- Hans Gersbach & Volker Hahn, 2004. "Voting Transparency, Conflicting Interests, And The Appointment Of Central Bankers," Economics and Politics, Wiley Blackwell, vol. 16, pages 321-345, November.
- Waller, Christopher J & Walsh, Carl E, 1996. "Central-Bank Independence, Economic Behavior, and Optimal Term Lengths," American Economic Review, American Economic Association, vol. 86(5), pages 1139-53, December.
- Esteban Colla De Robertis & Last: Colla De Robertis, 2010. "Monetary policy committees and the decision to publish voting records," Documentos de InvestigaciÃ³n - Research Papers 1, Centro de Estudios Monetarios Latinoamericanos, CEMLA.
- Cruijsen, C.A.B. van der & Eijffinger, S.C.W., 2007.
"The Economic Impact of Central Bank Transparency: A Survey,"
2007-06, Tilburg University, Center for Economic Research.
- Carin van der Cruijsen & Sylvester Eijffinger, 2007. "The economic impact of central bank transparency: a survey," DNB Working Papers 132, Netherlands Central Bank, Research Department.
- Eijffinger, Sylvester C W & van der Cruijsen, Carin A B, 2007. "The Economic Impact of Central Bank Transparency: A Survey," CEPR Discussion Papers 6070, C.E.P.R. Discussion Papers.
- Petra M. Geraats, 2006.
"Transparency of Monetary Policy: Theory and Practice,"
CESifo Economic Studies,
CESifo, vol. 52(1), pages 111-152, March.
- Geraats, P.M, 2005. "Transparency of Monetary Policy: Theory and Practice," Cambridge Working Papers in Economics 0549, Faculty of Economics, University of Cambridge.
- Petra Geraats, 2005. "Transparency of Monetary Policy: Theory and Practice," CESifo Working Paper Series 1597, CESifo Group Munich.
- Geraats, P.M., 2005.
"Political Pressures and Monetary Mystique,"
Cambridge Working Papers in Economics
0557, Faculty of Economics, University of Cambridge.
- Alex Cukierman, 2009.
"The Limits of Transparency,"
Banca Monte dei Paschi di Siena SpA, vol. 38(1-2), pages 1-37, 02.
- Petra M. Geraats, 2008. "ECB Credibility and Transparency," European Economy - Economic Papers 330, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.
- Volker Hahn, 2009. "Why the Publication of Socially Harmful Information May Be Socially Desirable," CER-ETH Economics working paper series 09/122, CER-ETH - Center of Economic Research (CER-ETH) at ETH Zurich.
- Bernd Hayo & Ummad Mazhar, 2011. "Monetary Policy Committee Transparency: Measurement,Determinants, and Economic Effects," MAGKS Papers on Economics 201140, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
- Volker Hahn, 2013. "Committee Design with Endogenous Participation," Working Paper Series of the Department of Economics, University of Konstanz 2013-12, Department of Economics, University of Konstanz.
- Volker Hahn, 2012. "Designing Monetary Policy Committees," Working Paper Series of the Department of Economics, University of Konstanz 2012-23, Department of Economics, University of Konstanz.
- Ellen Meade, 2006. "Dissent and Disagreement on the Fed's FOMC: Understanding Regional Affiliations and limits to Transparency," DNB Working Papers 094, Netherlands Central Bank, Research Department.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Wiley-Blackwell Digital Licensing) or (Christopher F. Baum).
If references are entirely missing, you can add them using this form.