The role of regional information in the optimal composition of a committee
We analyse the optimal composition of a federal or supra-national committee. The representation of regional (national) entities in federal committees is typically motivated by their superior knowledge of local conditions. Using this argument, we formally model the optimal composition of a committee. Our results indicate that a region's representation in a federal committee depends on its ability to reduce uncertainty about the state of the economy. Furthermore, correlation of regional uncertainty increases the value of information. This induces synergy effects, which result in higher optimal representation in the committee.
|Date of creation:||Aug 2003|
|Contact details of provider:|| Postal: Postbus 98, 1000 AB Amsterdam|
Web page: http://www.dnb.nl/en/
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Kenneth Rogoff, 1985. "The Optimal Degree of Commitment to an Intermediate Monetary Target," The Quarterly Journal of Economics, Oxford University Press, vol. 100(4), pages 1169-1189.
- Carsten Hefeker, 2003.
"Federal Monetary Policy,"
Scandinavian Journal of Economics,
Wiley Blackwell, vol. 105(4), pages 643-659, December.
- Bottazzi, Laura & Manasse, Paolo, 2002.
"Asymmetric Information and Monetary Policy in Common Currency Areas,"
CEPR Discussion Papers
3484, C.E.P.R. Discussion Papers.
- Bottazzi, Laura & Manasse, Paolo, 2005. "Asymmetric Information and Monetary Policy in Common Currency Areas," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 37(4), pages 603-621, August.
- Laura Bottazzi & Paolo Manasse, "undated". "Asymmetric Information and Monetary Policy in Common Currency Areas," Working Papers 217, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
- L. Bottazzi & P. Manasse, 2002. "Asymmetric Information and Monetary Policy in Common Currency Areas," Working Papers 444, Dipartimento Scienze Economiche, Universita' di Bologna.
- Casella, Alessandra, 1992.
"Participation in a Currency Union,"
American Economic Review,
American Economic Association, vol. 82(4), pages 847-863, September.
- Nout Wellink & Bryan Chapple & Philipp Maier, 2002.
"The role of national central banks within the European System of Central Banks: The example of De Nederlandsche Bank,"
- Nout Wellink & Bryan Chapple & Philipp Maier, 2002. "The role of national central banks within the European System of Central Banks: The example of De Nederlandsche Bank," MEB Series (discontinued) 2002-13, Netherlands Central Bank, Monetary and Economic Policy Department.
- M.A. Akhtar & Howard Howe, 1991. "The political and institutional independence of U.S. monetary policy," Research Paper 9110, Federal Reserve Bank of New York.
- Meade, Ellen E & Sheets, D Nathan, 2005. "Regional Influences on FOMC Voting Patterns," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 37(4), pages 661-677, August.
- Huefner, Felix P & Friedrich Heinemann, 2003.
"Is the View from the Eurotower Purely European? - National Divergence and ECB Interest Rate Policy,"
Royal Economic Society Annual Conference 2003
110, Royal Economic Society.
- Friedrich Heinemann & Felix P. Huefner, 2004. "Is The View From The Eurotower Purely European? - National Divergence And Ecb Interest Rate Policy," Scottish Journal of Political Economy, Scottish Economic Society, vol. 51(4), pages 544-558, 09.
- Heinemann, Friedrich & Huefner, Felix P., 2002. "Is the View from the Eurotower Purely European? National Divergence and ECB Interest Rate Policy," ZEW Discussion Papers 02-69, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
- Marvin Goodfriend, 2000.
"The role of a regional bank in a system of central banks,"
Federal Reserve Bank of Richmond, issue Win, pages 7-25.
- Goodfriend, Marvin, 1999. "The role of a regional bank in a system of central banks," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 51(1), pages 51-71, December.
- Marvin Goodfriend, 1999. "The role of a regional bank in a system of central banks," Working Paper 99-04, Federal Reserve Bank of Richmond.
- von Hagen, Jurgen & Suppel, Ralph, 1994. "Central bank constitutions for federal monetary unions," European Economic Review, Elsevier, vol. 38(3-4), pages 774-782, April.
- Helge Berger, 2002. "The ECB and Euro-Area Enlargement," IMF Working Papers 02/175, International Monetary Fund.
- Ullrich, Katrin, 2004. "Decision-Making of the ECB: Reform and Voting Power," ZEW Discussion Papers 04-70, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
- Ellen E. Meade & D. Nathan Sheets, 2002.
"Regional Influences on U.S. Monetary Policy: Some Implications for Europe,"
CEP Discussion Papers
dp0523, Centre for Economic Performance, LSE.
- Ellen E. Meade & Nathan Sheets, 2002. "Regional influences on U.S. monetary policy: some implications for Europe," International Finance Discussion Papers 721, Board of Governors of the Federal Reserve System (U.S.).
When requesting a correction, please mention this item's handle: RePEc:dnb:mebser:2003-08. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Rob Vet)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.