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Monetary Policy Committees: Individual and Collective Reputations

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  • Anne Sibert

Abstract

This paper looks at the incentives of individual members of a monetary policy committee to gain a reputation for inflationary toughness. I show a policy maker can have more or less incentive to build a reputation when part of a group. But, group policy making leads to higher expected social welfare. Not publishing individuals' votes, raises the temptation to inflate and lowers expected social welfare. If the culture or rules of a central bank puts more weight on senior policy makers, the incentive to build a reputation is greater, but expected social welfare may be higher or lower. Copyright 2003, Wiley-Blackwell.

Suggested Citation

  • Anne Sibert, 2003. "Monetary Policy Committees: Individual and Collective Reputations," Review of Economic Studies, Oxford University Press, vol. 70(3), pages 649-665.
  • Handle: RePEc:oup:restud:v:70:y:2003:i:3:p:649-665
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    File URL: http://hdl.handle.net/10.1111/1467-937X.00260
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