Monetary policy decisions – comparing theory and “inside” information from MPC members
AbstractHow do monetary policy committee (MPC) members form their views about the appropriate interest rate? To what extent do they change their minds during the deliberations in the interest rate meeting? How important is the Chairman? The theoretical literature makes assumptions about these issues. We have asked actual MPC members in Sweden and Norway. This paper reports the results from this unique survey and discusses how well existing theories on monetary policy by committee capture the reality.
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Bibliographic InfoPaper provided by Norges Bank in its series Working Paper with number 2013/03.
Length: 43 pages
Date of creation: 16 Jan 2013
Date of revision:
Monetary Policy Committee; Sveriges Riksbank; Norges Bank; Decision Making; Questionnaire Study.;
Find related papers by JEL classification:
- D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
- E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-01-26 (All new papers)
- NEP-CBA-2013-01-26 (Central Banking)
- NEP-CDM-2013-01-26 (Collective Decision-Making)
- NEP-HME-2013-01-26 (Heterodox Microeconomics)
- NEP-MON-2013-01-26 (Monetary Economics)
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- El-Shagi, Makram & Jung, Alexander, 2013. "Does the Greenspan era provide evidence on leadership in the FOMC?," Working Paper Series 1579, European Central Bank.
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