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

  • Ansgar Belke

    ()

  • Barbara von Schnurbein

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 specifi c 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.

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Paper provided by Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen in its series Ruhr Economic Papers with number 0175.

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Length: 42pages
Date of creation: Mar 2010
Date of revision:
Handle: RePEc:rwi:repape:0175
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  1. Gerlach, Stefan & Schnabel, Gert, 2000. "The Taylor rule and interest rates in the EMU area," Economics Letters, Elsevier, vol. 67(2), pages 165-171, May.
  2. Ellen E. Meade & D. Nathan Sheets, 2002. "Regional influences on U.S. monetary policy: some implications for Europe," LSE Research Online Documents on Economics 20091, London School of Economics and Political Science, LSE Library.
  3. Carsten Hefeker, 2003. "Federal Monetary Policy," Scandinavian Journal of Economics, Wiley Blackwell, vol. 105(4), pages 643-659, December.
  4. 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.
  5. Francesco Passarelli & Jason Barr, 2004. "Preferences, the Agenda Setter, and the Distribution of Power in the EU," Working Papers Rutgers University, Newark 2004-012, Department of Economics, Rutgers University, Newark.
  6. Kiel, Alexandra & Gerling, Kerstin & Schulte, Elisabeth & Grüner, Hans Peter, 2003. "Information acquisition and decision making in committees: a survey," Working Paper Series 0256, European Central Bank.
  7. Ansgar Belke & Barbara Styczynska, 2006. "The Allocation of Power in the Enlarged ECB Governing Council: An Assessment of the ECB Rotation Model," Journal of Common Market Studies, Wiley Blackwell, vol. 44, pages 865-897, December.
  8. Ulrich Bindseil, 2001. "A Coalition-Form Analysis Of The “One Country - One Vote” Rule In The Governing Council Of The European Central Bank," International Economic Journal, Taylor & Francis Journals, vol. 15(1), pages 145-164.
  9. Owen, G & Shapley, L S, 1989. "Optimal Location of Candidates in Ideological Space," International Journal of Game Theory, Springer;Game Theory Society, vol. 18(3), pages 339-56.
  10. Stefan Napel & Mika Widgren, 2004. "Power Measurement as Sensitivity Analysis," Journal of Theoretical Politics, , vol. 16(4), pages 517-538, October.
  11. 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 661-77, August.
  12. Stefan Napel & Mika Widgrén, 2005. "The Possibility of a Preference-Based Power Index," Journal of Theoretical Politics, , vol. 17(3), pages 377-387, July.
  13. Agnès Bénassy-Quéré & Edouard Turkisch, 2009. "The ECB Governing Council in an Enlarged Euro Area," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00634791, HAL.
  14. Christian Fahrholz & Philipp Mohl, 2004. "EMU-enlargement and the Reshaping of Decision-making within the ECB Governing Council: A Voting-Power Analysis," Eastward Enlargement of the Euro-zone Working Papers wp23, Free University Berlin, Jean Monnet Centre of Excellence, revised 01 Jun 2004.
  15. Ansgar Belke, 2003. "The rotation model is not sustainable," Intereconomics- Review of European Economic Policy, Springer;German National Library of Economics;Centre for European Policy Studies (CEPS), vol. 38(3), pages 119-124, May.
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