How Committees of Experts Interact with the Outside World: Some Theory, and Evidence from the FOMC

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How Committees of Experts Interact with the Outside World: Some Theory, and Evidence from the FOMC

Author Info

Job Swank
Otto H. Swank
Bauke Visser

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Abstract

Some committees are made up of experts, persons who care both about the matter at hand and about coming across as able decision makers. We show that such committees would like to conceal disagreement from the public. That is, once the decision has been reached, they show a united front to the outside world. Also, if such committees are required to become transparent, for example, by publishing verbatim transcripts of their meetings, members will organize pre-meetings away from the public eye. A large part of the article is dedicated to a case study of the U.S. Federal Open Market Committee in the United States. It provides suggestive evidence supporting our theory. (JEL: D71, D72, D82, E58) (c) 2008 by the European Economic Association.

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Article provided by MIT Press in its journal Journal of the European Economic Association.

Volume (Year): 6 (2008)
Issue (Month): 2-3 (04-05)
Pages: 478-486
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Handle: RePEc:tpr:jeurec:v:6:y:2008:i:2-3:p:478-486

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Related research
Keywords:

Find related papers by JEL classification:
D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Models of Political Processes: Rent-seeking, Elections, Legislatures, and Voting Behavior
D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information
E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

Cited by:
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Otto H. Swank & Bauke Visser, 2007. "Is Transparency to no avail? Committee Decision-making, Pre-meetings, and Credible Deals," Tinbergen Institute Discussion Papers 07-055/1, Tinbergen Institute. [Downloadable!]
Other versions:
- Otto H. Swank & Bauke Visser, 2008. "Is Transparency to No Avail? Committee Decision-Making, Pre-Meetings, and Credible Deals," Economics Working Papers ECO2008/18, European University Institute. [Downloadable!]

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