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Picking the Brains of MPC Members

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Author Info

  • Apel, Mikael

    ()
    (Monetary Policy Department, Central Bank of Sweden)

  • Claussen, Carl Andreas

    ()
    (Monetary Policy Department, Central Bank of Sweden)

  • Lennartsdotter, Petra

    ()
    (Monetary Policy Department, Central Bank of Sweden)

Abstract

This paper reports and analyzes the results from a questionnaire sent to all present and former members of the Riksbank’s Executive Board, the monetary policy committee (MPC) of the Swedish central bank. The questions cover a number of issues discussed in the growing literature on monetary policy making by committees. The paper thus relates research to the views of practitioners in a way that has not been done before. We find, among other things, that many members consider the six-person strong Riksbank MPC to be slightly too large, that it is very common that members have decided before the policy meeting how they will vote, and that members, when forming their opinions, consider input from the staff more important than input from their colleagues.

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Bibliographic Info

Paper provided by Sveriges Riksbank (Central Bank of Sweden) in its series Working Paper Series with number 237.

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Length: 38 pages
Date of creation: 01 Jan 2010
Date of revision:
Handle: RePEc:hhs:rbnkwp:0237

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Postal: Sveriges Riksbank, SE-103 37 Stockholm, Sweden
Phone: 08 - 787 00 00
Fax: 08-21 05 31
Email:
Web page: http://www.riksbank.com/
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Related research

Keywords: Monetary Policy Committee; Sveriges Riksbank; Questionnaire Study;

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Cited by:
  1. Carl Andreas Claussen & Egil Matsen & Øistein Røisland & Ragnar Torvik, 2009. "Overconfidence, Monetary Policy Committees and Chairman Dominance," Working Paper 2009/17, Norges Bank.
  2. Apel, Mikael & Blix Grimaldi, Marianna, 2012. "The Information Content of Central Bank Minutes," Working Paper Series 261, Sveriges Riksbank (Central Bank of Sweden).

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