European Monetary Policy and the ECB Rotation Model – Voting Power of the Core versus the Periphery
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.
|Date of creation:||Mar 2010|
|Date of revision:|
|Contact details of provider:|| Postal: Hohenzollernstraße 1-3, 45128 Essen|
Web page: http://www.rwi-essen.de/
More information through EDIRC
|Order Information:||Web: http://www.rwi-essen.de/publikationen/|
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.:
- Gerlach, Stefan & Schnabel, Gert, 2000.
"The Taylor rule and interest rates in the EMU area,"
Elsevier, vol. 67(2), pages 165-171, May.
- Gerlach, Stefan & Schnabel, Gert, 1999. "The Taylor Rule and Interest Rates in the EMU Area," CEPR Discussion Papers 2271, C.E.P.R. Discussion Papers.
- 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.).
- 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.
- 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.
- Francesco Passarelli & Jason Barr, 2007. "Preferences, the Agenda Setter, and the Distribution of Power in the EU," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 28(1), pages 41-60, January.
- Carsten Hefeker, 2001.
"Federal Monetary Policy,"
CESifo Working Paper Series
422, CESifo Group Munich.
- Stefan Napel & Mika WidgrÃ©n, 2005. "The Possibility of a Preference-Based Power Index," Journal of Theoretical Politics, , vol. 17(3), pages 377-387, July.
- 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.
- 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.
- Gerling, Kerstin & Gruner, Hans Peter & Kiel, Alexandra & Schulte, Elisabeth, 2005. "Information acquisition and decision making in committees: A survey," European Journal of Political Economy, Elsevier, vol. 21(3), pages 563-597, September.
- Stefan Napel & Mika Widgren, 2004. "Power Measurement as Sensitivity Analysis," Journal of Theoretical Politics, , vol. 16(4), pages 517-538, October.
- 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.
- Ansgar Belke & Barbara Styczynska, 2004. "The Allocation of Power in the Enlarged ECB Governing Council: An Assessment of the ECB Rotation Model," Diskussionspapiere aus dem Institut für Volkswirtschaftslehre der Universität Hohenheim 242/2004, Department of Economics, University of Hohenheim, Germany.
- Agnès Bénassy-Quéré & Edouard Turkisch, 2009.
"The ECB Governing Council in an Enlarged Euro Area,"
Journal of Common Market Studies,
Wiley Blackwell, vol. 47, pages 25-53, 01.
- 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.
- 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.
- 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.
- 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.
- 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.
When requesting a correction, please mention this item's handle: RePEc:rwi:repape:0175. 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: (Sabine Weiler)
If references are entirely missing, you can add them using this form.