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Should the Individual Voting Records of Central Bankers be Published?

  • Hahn, Volker
  • Gersbach, Hans

We examine whether it is socially beneficial for the individual voting records of central bank council members to be published when the general public is unsure about central bankers' efficiency and central bankers are aiming for re-election. We show that publication is initially harmful since somewhat less efficient central bankers attempt to imitate highly efficient central bankers in their bid to get re-elected. After re-election, however, losses will be lower when voting records are published since the government is more easily able to distinguish highly efficient from less efficient central bankers and can make central bankers individually accountable. Nevertheless, the negative effects of voting transparency predominate and expected overall losses are always larger when voting records are published.

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Paper provided by Deutsche Bundesbank, Research Centre in its series Discussion Paper Series 1: Economic Studies with number 2001,02.

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Date of creation: 2001
Date of revision:
Handle: RePEc:zbw:bubdp1:4148
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  1. Bauke Visser & Otto H Swank, 2007. "On Committees of Experts," The Quarterly Journal of Economics, MIT Press, vol. 122(1), pages 337-372, 02.
  2. Scharfstein, David. & Stein, Jeremy C., 1988. "Herd behavior and investment," Working papers WP 2062-88., Massachusetts Institute of Technology (MIT), Sloan School of Management.
  3. Ottaviani, Marco & Sorensen, Peter, 2001. "Information aggregation in debate: who should speak first?," Journal of Public Economics, Elsevier, vol. 81(3), pages 393-421, September.
  4. Petra M. Geraats, 2002. "Central Bank Transparency," Economic Journal, Royal Economic Society, vol. 112(483), pages 532-565, November.
  5. Hans Gersbach & Volker Hahn, 2004. "Voting Transparency, Conflicting Interests, And The Appointment Of Central Bankers," Economics and Politics, Wiley Blackwell, vol. 16, pages 321-345, November.
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