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Monetary policy decisions – comparing theory and “inside” information from MPC members

Author

Listed:
  • Mikael Apel
  • Carl Andreas Claussen
  • Petra Gerlach-Kristen
  • Petra Lennartsdotter
  • Øistein Røisland

    () (Norges Bank (Central Bank of Norway))

Abstract

How do monetary policy committee (MPC) members form their views about the appropriate interest rate? To what extent do they change their minds during the deliberations in the interest rate meeting? How important is the Chairman? The theoretical literature makes assumptions about these issues. We have asked actual MPC members in Sweden and Norway. This paper reports the results from this unique survey and discusses how well existing theories on monetary policy by committee capture the reality.

Suggested Citation

  • Mikael Apel & Carl Andreas Claussen & Petra Gerlach-Kristen & Petra Lennartsdotter & Øistein Røisland, 2013. "Monetary policy decisions – comparing theory and “inside” information from MPC members," Working Paper 2013/03, Norges Bank.
  • Handle: RePEc:bno:worpap:2013_03
    as

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    File URL: http://www.norges-bank.no/en/Published/Papers/Working-Papers/2013/WP-201303/
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    References listed on IDEAS

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    Cited by:

    1. Kedan, Danielle & Stuart, Rebecca, 2014. "Central Bank Minutes," Economic Letters 12/EL/14, Central Bank of Ireland.
    2. Jung, Alexander & Latsos, Sophia, 2015. "Do federal reserve bank presidents have a regional bias?," European Journal of Political Economy, Elsevier, vol. 40(PA), pages 173-183.
    3. Horváth Roman & Šmídková Kateřina & Zápal Jan, 2016. "Voting in Central Banks: Theory versus Stylized Facts," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 16(4), pages 1-62, October.
    4. El-Shagi, Makram & Jung, Alexander, 2015. "Does the Greenspan era provide evidence on leadership in the FOMC?," Journal of Macroeconomics, Elsevier, vol. 43(C), pages 173-190.

    More about this item

    Keywords

    Monetary Policy Committee; Sveriges Riksbank; Norges Bank; Decision Making; Questionnaire Study.;

    JEL classification:

    • D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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