On the performance of Monetary Policy Committees
AbstractThis paper examines the influence of the biographical experience of monetary policy committee members on their performance in managing inflation and output volatility. Our sample covers major OECD countries in the 1999 to 2010 period. Using data envelopment analysis, we study the efficiency of monetary policy committees. Then, we look at the determinants of these performances. The results in particular show that (i) a larger number of governors is more efficient, except in crisis time, (ii) a policymakers' background influence the performance, with a positive role for committee members issued from academia, central banks and the financial sector. It is also shown that some committees have reduced the inefficiency created by the crisis more rapidly than others.
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Bibliographic InfoPaper provided by National Bank of Poland, Economic Institute in its series National Bank of Poland Working Papers with number 154.
Date of creation: 2013
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Central banking; Committees; DEA; Economic volatility; Governance;
Find related papers by JEL classification:
- D20 - Microeconomics - - Production and Organizations - - - General
- D78 - Microeconomics - - Analysis of Collective Decision-Making - - - Positive Analysis of Policy Formulation and Implementation
- E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
- 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
- E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-06-24 (All new papers)
- NEP-CBA-2013-06-24 (Central Banking)
- NEP-MAC-2013-06-24 (Macroeconomics)
- NEP-MON-2013-06-24 (Monetary Economics)
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