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Coordination Behavior and Optimal Committee Size

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  • Keiichi Morimoto

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    (Graduate School of Economics, Osaka University)

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    Abstract

    How many members should committees consist of? This paper addresses this question in view of imperfect information and coordination behavior among the members, which is a new approach alternative to introducing information acquisition cost. First, using a simple model, I show that the existence of the coordination motive dismisses Condorcetfs (1785) suggestion and the finite optimal size of the committee is determined. Second, I provide an application of the mechanism to monetary policy committees in a basic New Keynesian model. This example will inspire other applications to policy issues in the dynamic stochastic general equilibrium framework.

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    File URL: http://www2.econ.osaka-u.ac.jp/library/global/dp/1002.pdf
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    Bibliographic Info

    Paper provided by Osaka University, Graduate School of Economics and Osaka School of International Public Policy (OSIPP) in its series Discussion Papers in Economics and Business with number 10-02.

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    Length: 42 pages
    Date of creation: Jan 2010
    Date of revision:
    Handle: RePEc:osk:wpaper:1002

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    Web page: http://www.econ.osaka-u.ac.jp/
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    Related research

    Keywords: committee; Condorcet jury theorem; coordination; higher order beliefs monetary policy;

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    1. Stephen Morris & Hyun Song Shin, 2002. "Social Value of Public Information," American Economic Review, American Economic Association, American Economic Association, vol. 92(5), pages 1521-1534, December.
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    Cited by:
    1. Maurin, Vincent & Vidal, Jean-Pierre, 2012. "Monetary policy deliberations: committee size and voting rules," Working Paper Series, European Central Bank 1434, European Central Bank.
    2. Tim Aldridge & Amy Wood, 2014. "Monetary policy decision-making and accountability structures: some cross-country comparisons," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, Reserve Bank of New Zealand, vol. 77, pages 15-30, March.

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