Optimal Structure of Monetary Policy Committees

Material type: 文書・図像類

Author: Morimoto, Keiichi

Publisher: Graduate School of Economics and Osaka School of International Public Policy (OSIPP), Osaka University

Publication date: 2009-12

Material Format: Paper

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Note (General)：: * Revised: [09-36, 2009]This paper explores an optimal personnel organization problem of monetary policycommittees. First, I construct an analytically...

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Paper

Material Type: 文書・図像類
Title: Optimal Structure of Monetary Policy Committees
Author/Editor: Morimoto, Keiichi
Author Heading: Morimoto, Keiichi
https://nrid.nii.ac.jp/nrid/1000050609815
Publication, Distribution, etc.: Graduate School of Economics and Osaka School of International Public Policy (OSIPP), Osaka University
Publication Date: 2009-12
Publication Date (W3CDTF): 2009-12
Periodical title: Discussion Papers In Economics And Business
No. or year of volume/issue: 09-36-Rev.
Volume: 09-36-Rev.
Text Language Code: eng
Subject Heading: monetary policy
committee
delegation
imperfect information
higher order expectations
Target Audience: 一般
Note (General): * Revised: [09-36, 2009]
This paper explores an optimal personnel organization problem of monetary policycommittees. First, I construct an analytically tractable model for monetary policyanalysis which starts from decision-making in the monetary policy committee.Using the model, I investigate the relationship between preference heterogeneityamong the committee members and the optimal structure of the monetary policycommittee. The result shows that it is optimal in general cases to appoint notonly inflation-minded (hawkish) persons but also output-minded (dovish) persons.This is a theoretical justification for the fact that the actual monetary policy committees(e.g., MPC of Bank of England and FOMC) usually consist of both typemembers as the empirical researches suggest. It also explains why the committeeshave replaced the single policy makers in the actual central banks.
Periodical Title (NCID): AA1160366X
https://ci.nii.ac.jp/ncid/AA1160366X
References (URI): URI
http://www2.econ.osaka-u.ac.jp/library/global/dp/0936R.pdf
Data Provider (Database): 国立情報学研究所 : 学術機関リポジトリデータベース（IRDB）（機関リポジトリ）
https://irdb.nii.ac.jp
Original Data Provider (Database): 大阪大学 : 大阪大学学術情報庫　桜華