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Voting and Decisions in the ECB

Author

Listed:
  • Brueckner, M.

Abstract

This paper analyses the interaction between decisions on monetary policy in the future European Central Bank and different voting mechanisms. Using a simple stochastic model for preferences over monetary policy it is shown that the voting mechanism described in the actual statute leads to inefficient outcomes. The paper shows as well that the inefficiency can be resolved by allowing for sidepayments. The optimal monetary policy can be implemented by a noncooperative bargaining game.

Suggested Citation

  • Brueckner, M., 1997. "Voting and Decisions in the ECB," Economics Working Papers eco97/29, European University Institute.
  • Handle: RePEc:eui:euiwps:eco97/29
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    References listed on IDEAS

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    1. Terrell, Katherine, 1993. "Public-private wage differentials in Haiti Do public servants earn a rent?," Journal of Development Economics, Elsevier, vol. 42(2), pages 293-314, December.
    2. Hartog, Joop & Oosterbeek, Hessel, 1993. "Public and private sector wages in the Netherlands," European Economic Review, Elsevier, vol. 37(1), pages 97-114, January.
    3. van Ophem, Hans, 1993. "A Modified Switching Regression Model for Earnings Differentials between the Public and Private Sectors in the Netherlands," The Review of Economics and Statistics, MIT Press, vol. 75(2), pages 215-224, May.
    4. Pederson, P. J. & Schmidt-Sorensen, J. B. & Smith, N. & Westergard-Nielsen, N., 1990. "Wage differentials between the public and private sectors," Journal of Public Economics, Elsevier, vol. 41(1), pages 125-145, February.
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    Cited by:

    1. Aksoy, Yunus & De Grauwe, Paul & Dewachter, Hans, 2002. "Do asymmetries matter for European monetary policy?," European Economic Review, Elsevier, vol. 46(3), pages 443-469, March.
    2. Dixit, Avinash, 2001. "Games of monetary and fiscal interactions in the EMU," European Economic Review, Elsevier, vol. 45(4-6), pages 589-613, May.
    3. Gambacorta, Leonardo, 2003. "Asymmetric bank lending channels and ECB monetary policy," Economic Modelling, Elsevier, vol. 20(1), pages 25-46, January.

    More about this item

    Keywords

    BARGAINING ; MONETARY AREAS ; VOTING;

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • D70 - Microeconomics - - Analysis of Collective Decision-Making - - - General
    • F15 - International Economics - - Trade - - - Economic Integration

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