Committee Decisions On Monetary Policy
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Committee Decisions On Monetary Policy
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Author : Henry W. Chappell, Jr.
language : en
Publisher: MIT Press
Release Date : 2004-12-30
Committee Decisions On Monetary Policy written by Henry W. Chappell, Jr. and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-12-30 with Business & Economics categories.
An examination of how the policy preferences of individual members of the Federal Open Market Committee are translated into monetary policy decisions. In many countries, monetary policy decisions are made by committees. In the United States, these decisions are made by the Federal Reserve's Federal Open Market Committee (FOMC), which consists of the seven members of the Board of Governors and the presidents of the twelve district banks. This book examines the process by which the preferences of the FOMC's individual members are translated into collective policy choices. This focus on the aggregation of individual preferences into group decisions is unique and provides an important perspective on the evolution of monetary policy choices. To study decision making by the FOMC, the authors have used both formal voting records and detailed transcripts and summaries of deliberations contained in the committee's Memoranda of Discussion and FOMC Transcripts. The latter sources have been used to construct data sets describing individual committee members' policy preferences for the 1970-1978 and 1987-1996 periods when the FOMC was chaired by Arthur Burns and Alan Greenspan, respectively. These data are used to estimate monetary policy reaction functions for individual Committee members and to explore the role of majoritarian pressures, pressures for consensus, and the power of the chairman in collective decision making. The rich anecdotal evidence found in the Memoranda of Discussion and FOMC Transcripts inspires the narrative approach taken in two chapters, on the influence of political pressure on FOMC deliberations and on the relevance of the time inconsistency problem for the rise of inflation in the 1970s.
Committee Decisions On Monetary Policy
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Author :
language : en
Publisher:
Release Date : 2010
Committee Decisions On Monetary Policy written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.
Monetary Policy Committees Learning And Communication
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Author : Anke Weber
language : en
Publisher: International Monetary Fund
Release Date : 2010-04-01
Monetary Policy Committees Learning And Communication written by Anke Weber and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-04-01 with Business & Economics categories.
This paper considers optimal communication by monetary policy committees in a model of imperfect knowledge and learning. The main policy implications are that there may be costs to central bank communication if the public is perpetually learning about the committee's decision-making process and policy preferences. When committee members have heterogeneous policy preferences, welfare is greater under majority voting than under consensus decision-making. Furthermore, central bank communication under majority voting is more likely to be beneficial in this case. It is also shown that a chairman with stable policy preferences who carries significant weight in the monetary policy decision-making process is welfare enhancing.
Elements Of Optimal Monetary Policy Committee Design
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Author : Jérôme Vandenbussche
language : en
Publisher: International Monetary Fund
Release Date : 2006-12
Elements Of Optimal Monetary Policy Committee Design written by Jérôme Vandenbussche and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-12 with Business & Economics categories.
The move from individual decision making to committee decision making is widely seen as a major evolution in contemporary central banking. This paper reviews the relevant economics and social psychology literatures with a view to providing some insights into the question of optimal monetary policy committee design. While the preference aggregation literature points to the effect of committee structure on the extent of the time inconsistency problem and its associated costs, the belief aggregation literature analyzes how different committee structures affect the efficiency of information pooling, the process of social influence, and collective accuracy. In conclusion, we highlight the main tradeoffs that the analysis has brought to light and point to directions for future research.
Monetary Policy Report Together With Additional Separate Minority And Dissenting Views
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Author : United States. Congress. House. Committee on Banking, Finance, and Urban Affairs
language : en
Publisher:
Release Date : 1983
Monetary Policy Report Together With Additional Separate Minority And Dissenting Views written by United States. Congress. House. Committee on Banking, Finance, and Urban Affairs and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1983 with Monetary policy categories.
Minutes Of The Federal Open Market Committee And Its Executive Committee
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Author : United States. Federal Open Market Committee
language : en
Publisher:
Release Date : 1958
Minutes Of The Federal Open Market Committee And Its Executive Committee written by United States. Federal Open Market Committee and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1958 with Federal Reserve banks categories.
Communication Decision Making And The Optimal Degree Of Transparency Of Monetary Policy Committees
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Author : Anke Weber
language : en
Publisher:
Release Date : 2016
Communication Decision Making And The Optimal Degree Of Transparency Of Monetary Policy Committees written by Anke Weber and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
This paper develops a theoretical model of dynamic decision-making of a monetary policy committee with heterogeneous members. It investigates the optimal transparency, and the optimal way of transmitting information of committees, by analysing the effects different communication strategies have on financial markets. It is shown that the communication strategy of the central bank committee has a significant effect on the predictability of monetary policy decisions when there is asymmetric information between the committee and market agents. Transparency about the diversity of views of the committee surrounding the economic outlook makes future monetary policy more predictable. However, communicating the diversity of views regarding monetary policy decisions may lead to less predictability of monetary policy in the short term. In addition, it is shown that communication in the form of voting records has the greatest effect on market participants' near term policy expectations. These results support findings of the empirical literature and have strong implications for the optimal communication strategies of committees including the question whether individual voting records should be published.
The Framework Of Monetary Policy
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Author : United States. Congress. House. Committee on Banking and Currency. Subcommittee on Domestic Finance
language : en
Publisher:
Release Date : 1967
The Framework Of Monetary Policy written by United States. Congress. House. Committee on Banking and Currency. Subcommittee on Domestic Finance and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1967 with Monetary policy categories.
Maintaining And Making Public Minutes Of Federal Reserve Meetings
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Author : United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on Domestic Monetary Policy
language : en
Publisher:
Release Date : 1977
Maintaining And Making Public Minutes Of Federal Reserve Meetings written by United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on Domestic Monetary Policy and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1977 with Federal Reserve banks categories.
Zero Inflation
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Author : United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on Domestic Monetary Policy
language : en
Publisher:
Release Date : 1990
Zero Inflation written by United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on Domestic Monetary Policy and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990 with Budget deficits categories.