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Central Bankers In Government Appointed Committees

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  • Marcela Eslava

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Abstract

Este artículo estudia las decisiones de política monetaria en un ambiente en que: 1) tales decisiones están en manos de una junta, en lugar de un banquero central individual; y 2) los banqueros centrales son designados por el gobierno. En el modelo, cada banquero central tiene en cuenta el efecto de sus decisiones tanto sobre su probabilidad de ser retirado de la junta por el gobierno de turno, como sobre la reputación anti-inflacionaria del Banco Central. El artículo muestra que una junta puede ser más efectiva que un banquero central individual en términos de control del sesgo inflacionario y de reducción de la influencia gubernamental sobre la política monetaria. La razón está asociada con la mayor estabilidad que una junta puede dar a la política monetaria: en este contexto, cada banquero central muestra mayor preocupación por el efecto de sus decisiones sobre la reputación del Banco, pues sabe que el público da alto valor a las decisiones actuales de política como señal sobre las decisiones futuras. Sin embargo, estas ganancias de poner la política monetaria en manos de una junta se obtienen sólo si la junta es suficientemente pequeña y estable. Un número reducido de miembros implica que cada miembro sabe que su posición individual afectará la decisión de política con alta probabilidad. Una composición estable, mientras tanto, reduce el riesgo que cada banquero enfrenta de ser retirado de la junta si su posición individual no coincide con la del gobierno.

Suggested Citation

  • Marcela Eslava, 2007. "Central Bankers In Government Appointed Committees," DOCUMENTOS CEDE 002051, UNIVERSIDAD DE LOS ANDES-CEDE.
  • Handle: RePEc:col:000089:002051
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    File URL: http://economia.uniandes.edu.co/publicaciones/a263d2007-01.pdf
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    References listed on IDEAS

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    Cited by:

    1. Hahn, Volker, 2014. "An argument in favor of long terms for central bankers," Economics Letters, Elsevier, vol. 122(2), pages 132-135.
    2. Miguel Ricardo Rueda R., 2008. "Breaking Credibility in Monetary Policy: The Role of Politics in the Stability of the Central Banker," IDB Publications (Working Papers) 1627, Inter-American Development Bank.
    3. Eslava, Marcela, 2010. "Central bankers in government appointed committees," Journal of Public Economics, Elsevier, vol. 94(5-6), pages 363-379, June.
    4. Miguel Rueda, 2008. "Breaking Credibility in Monetary Policy: The Role of Politics in the Stability of the Central Banker," Research Department Publications 4585, Inter-American Development Bank, Research Department.
    5. Hahn, Volker, 2016. "Designing monetary policy committees," Journal of Economic Dynamics and Control, Elsevier, vol. 65(C), pages 47-67.
    6. Miguel Rueda, 2008. "Credibilidad en la política monetaria: Papel de políticas en la estabilidad del Presidente del Banco Central," Research Department Publications 4586, Inter-American Development Bank, Research Department.

    More about this item

    Keywords

    banco central junta reputación designación;

    JEL classification:

    • D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
    • 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

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