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Communication, Decision making, and the Optimal Degree of Transparency of Monetary Policy Committees

  • Anke Weber

    (International Monetary Fund)

This paper develops a theoretical model of a monetary policy committee with heterogeneous members whose decisions and public communications are observed by the financial markets. It thereby provides a link between the literatures on monetary policy committees and central bank communication. The results show that transparency about the different views among committee members surrounding the economic outlook is beneficial. However, communicating the diversity of views about the monetary policy decision may not be welfare enhancing, at least in the short term. These results support previous empirical findings and have strong implications for how committees should communicate.

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Article provided by International Journal of Central Banking in its journal International Journal of Central Banking.

Volume (Year): 6 (2010)
Issue (Month): 3 (September)
Pages: 1-49

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Handle: RePEc:ijc:ijcjou:y:2010:q:3:a:1
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  1. Berger, Helge & Nitsch, Volker & Lybek, Tonny, 2008. "Central Bank boards around the world: Why does membership size differ?," Discussion Papers 2008/5, Free University Berlin, School of Business & Economics.
  2. Petra Gerlach-Kristen, 2009. "Outsiders at the Bank of England's MPC," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 41(6), pages 1099-1115, 09.
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