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

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  • Philipp Maier

    (The Netherlands Central Bank)

  • Beata K. Bierut

    (The Netherlands Central Bank)

  • Robert-Paul Berben

    (The Netherlands Central Bank)

Abstract

In this paper we present a model for the optimal composition of a federal or supra-national committee. The involvement of regional (national) entities in federal committees is typically motivated by their knowledge of regional information about the state of the economy. Using this argument we show that if the uncertainties regarding the state of the economy are not evenly distributed across the currency area, the optimal representation of regions in the federal committee increases with the overall uncertainty about their economic performance. Second, if certain parts of the economic area behave in a relatively synchronized way, it may not be necessary that all these regions are equally represented in the federal committee.

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Bibliographic Info

Paper provided by EconWPA in its series Macroeconomics with number 0309014.

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Date of creation: 20 Sep 2003
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Handle: RePEc:wpa:wuwpma:0309014

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Keywords: Composition of a committee; currency union; optimal representation; information uncertainty;

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  1. Goodfriend, Marvin, 1999. "The role of a regional bank in a system of central banks," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 51(1), pages 51-71, December.
  2. Casella, Alessandra, 1990. "Participation in a Currency Union," CEPR Discussion Papers 395, C.E.P.R. Discussion Papers.
  3. Helge Berger, 2002. "The ECB and Euro-Area Enlargement," IMF Working Papers 02/175, International Monetary Fund.
  4. Bottazzi, Laura & Manasse, Paolo, 2005. "Asymmetric Information and Monetary Policy in Common Currency Areas," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 37(4), pages 603-21, August.
  5. 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.
  6. 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.
  7. Ellen E. Meade & D. Nathan Sheets, 2002. "Regional Influences on U.S. Monetary Policy: Some Implications for Europe," CEP Discussion Papers dp0523, Centre for Economic Performance, LSE.
  8. 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," MEB Series (discontinued) 2002-13, Netherlands Central Bank, Monetary and Economic Policy Department.
  9. Carsten Hefeker, 2001. "Federal Monetary Policy," CESifo Working Paper Series 422, CESifo Group Munich.
  10. 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.
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Cited by:
  1. 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.
  2. Berger, Helge & Müller, Till, 2004. "How should large and small countries be represented in a currency union?," Discussion Papers 2004/20, Free University Berlin, School of Business & Economics.
  3. Helge Berger, 2006. "Optimal central bank design: Benchmarks for the ECB," The Review of International Organizations, Springer, vol. 1(3), pages 207-235, September.
  4. 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.

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