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European Monetary Policy and the ECB Rotation Model: Voting Power of the Core versus the Periphery

Author

Listed:
  • Ansgar Belke
  • Barbara von Schnurbein

Abstract

We analyze the ECB Governing Council's voting procedures. The literature has by now discussed numerous aspects of the rotation model but does not account for many institutional aspects of the voting procedure of the GC. Using the randomization scheme based on the multilinear extension (MLE) of games, we try to close three of these gaps. First, we integrate specific preferences of national central bank presidents, i.e. their desired interest rates. Second, we address the agenda-setting power of the ECB president. Third, we do not simulate an average of the decisions but look at every relevant point in time separately.

Suggested Citation

  • Ansgar Belke & Barbara von Schnurbein, 2010. "European Monetary Policy and the ECB Rotation Model: Voting Power of the Core versus the Periphery," Discussion Papers of DIW Berlin 983, DIW Berlin, German Institute for Economic Research.
    • Handle: RePEc:diw:diwwpp:dp983
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    Cited by:

    1. is not listed on IDEAS
    2. Honorata Sosnowska, 2013. "Analysis of the voting method used in the European Central Bank," Operations Research and Decisions, Wroclaw University of Science and Technology, Faculty of Management, vol. 23(1), pages 75-86.
    3. Ansgar Belke & Florian Verheyen, 2012. "Doomsday for the Euro Area: Causes, Variants and Consequences of Breakup," IJFS, MDPI, vol. 1(1), pages 1-15, July.
    4. Honorata Sosnowska, 2014. "Banzhaf value for games analyzing voting with rotation," Operations Research and Decisions, Wroclaw University of Science and Technology, Faculty of Management, vol. 24(4), pages 75-88.

    More about this item

    Keywords

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    JEL classification:

    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
    • D78 - Microeconomics - - Analysis of Collective Decision-Making - - - Positive Analysis of Policy Formulation and Implementation
    • 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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