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The role of regional information in the optimal composition of a committee

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  • Philipp Maier
  • Beata Bierut
  • Robert-Paul Berben

Abstract

We analyse the optimal composition of a federal or supra-national committee. The representation of regional (national) entities in federal committees is typically motivated by their superior knowledge of local conditions. Using this argument, we formally model the optimal composition of a committee. Our results indicate that a region's representation in a federal committee depends on its ability to reduce uncertainty about the state of the economy. Furthermore, correlation of regional uncertainty increases the value of information. This induces synergy effects, which result in higher optimal representation in the committee.

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Paper provided by Netherlands Central Bank, Monetary and Economic Policy Department in its series MEB Series (discontinued) with number 2003-08.

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Date of creation: Aug 2003
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Handle: RePEc:dnb:mebser:2003-08

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  1. Casella, Alessandra, 1990. "Participation in a Currency Union," CEPR Discussion Papers 395, C.E.P.R. Discussion Papers.
  2. Carsten Hefeker, 2001. "Federal Monetary Policy," CESifo Working Paper Series 422, CESifo Group Munich.
  3. Bottazzi, Laura & Manasse, Paolo, 2002. "Asymmetric Information and Monetary Policy in Common Currency Areas," CEPR Discussion Papers 3484, C.E.P.R. Discussion Papers.
  4. Ellen E. Meade & D. Nathan Sheets, 2002. "Regional influences on U.S. monetary policy: some implications for Europe," International Finance Discussion Papers 721, Board of Governors of the Federal Reserve System (U.S.).
  5. Helge Berger, 2002. "The ECB and Euro-Area Enlargement," IMF Working Papers 02/175, International Monetary Fund.
  6. Nout Wellink & Bryan Chapple & Philipp Maier, 2002. "The role of national central banks within the European System of Central Banks: The example of De Nederlandsche Bank," Macroeconomics 0207006, EconWPA.
  7. Marvin Goofriend, 1999. "The role of a regional bank in a system of central banks," Working Paper 99-04, Federal Reserve Bank of Richmond.
  8. von Hagen, Jurgen & Suppel, Ralph, 1994. "Central bank constitutions for federal monetary unions," European Economic Review, Elsevier, vol. 38(3-4), pages 774-782, April.
  9. Rogoff, Kenneth, 1985. "The Optimal Degree of Commitment to an Intermediate Monetary Target," The Quarterly Journal of Economics, MIT Press, vol. 100(4), pages 1169-89, November.
  10. M.A. Akhtar & Howard Howe, 1991. "The political and institutional independence of U.S. monetary policy," Research Paper 9110, Federal Reserve Bank of New York.
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Cited by:
  1. Helge Berger, 2006. "Optimal central bank design: Benchmarks for the ECB," The Review of International Organizations, Springer, vol. 1(3), pages 207-235, September.
  2. Helge Berger & Till Mueller, 2007. "How should large and small countries be represented in a currency union?," Public Choice, Springer, vol. 132(3), pages 471-484, September.
  3. Helge Berger, 2006. "Unfinished business? The ECB reform ahead of euro area enlargement," CESifo Forum, Ifo Institute for Economic Research at the University of Munich, vol. 7(4), pages 35-41, December.
  4. Piotr Stanek, 2004. "How to assess proposals for enlargement reform of the European Central Bank," Revue de l'OFCE, Presses de Sciences-Po, vol. 91(5), pages 209-239.

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