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On the performance of Monetary Policy Committees

  • Etienne Farvaque

    (EDEHN-Université du Havre & Skema Business School, Lille (France))

  • Piotr Stanek

    (Cracow University of Economics)

  • Stephane Vigeant

    (Equippe – Universités de Lille & IESEG School of Management, Lille (France))

This paper examines the influence of the biographical experience of monetary policy committee members on their performance in managing inflation and output volatility. Our sample covers major OECD countries in the 1999 to 2010 period. Using data envelopment analysis, we study the efficiency of monetary policy committees. Then, we look at the determinants of these performances. The results in particular show that (i) a larger number of governors is more efficient, except in crisis time, (ii) a policymakers' background influence the performance, with a positive role for committee members issued from academia, central banks and the financial sector. It is also shown that some committees have reduced the inefficiency created by the crisis more rapidly than others.

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Paper provided by National Bank of Poland, Economic Institute in its series National Bank of Poland Working Papers with number 154.

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Length: 42
Date of creation: 2013
Date of revision:
Handle: RePEc:nbp:nbpmis:154
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