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

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Author Info
Philipp Maier (The Netherlands Central Bank)
Beata K. Bierut (The Netherlands Central Bank)
Robert-Paul Berben (The Netherlands Central Bank)

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

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Find related papers by JEL classification:
E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. 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. [Downloadable!] (restricted)
  2. L. Bottazzi & P. Manasse, 2002. "Asymmetric Information and Monetary Policy in Common Currency Areas," Working Papers 444, Dipartimento Scienze Economiche, Universita' di Bologna. [Downloadable!]
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  3. Casella, Alessandra, 1992. "Participation in a Currency Union," American Economic Review, American Economic Association, vol. 82(4), pages 847-63, September. [Downloadable!] (restricted)
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  4. Carsten Hefeker, 2003. "Federal Monetary Policy," Scandinavian Journal of Economics, Blackwell Publishing, vol. 105(4), pages 643-659, December. [Downloadable!] (restricted)
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  5. Marvin Goofriend, 1999. "The role of a regional bank in a system of central banks," Working Paper 99-04, Federal Reserve Bank of Richmond. [Downloadable!]
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  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. [Downloadable!]
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  7. 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. [Downloadable!] (restricted)
  8. Helge Berger, 2002. "The ECB and Euro-Area Enlargement," IMF Working Papers 02/175, International Monetary Fund.
  9. 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.
  10. 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.). [Downloadable!]
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. 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. [Downloadable!] (restricted)
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  2. Helge Berger, 2006. "Optimal Central Bank Design: Benchmarks for the ECB," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
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