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dc.contributor.author
Berger, Helge
dc.contributor.author
Nitsch, Volker
dc.date.accessioned
2017-11-23T15:44:23Z
dc.date.available
2017-06-12T17:16:58Z
dc.date.available
2017-11-23T15:44:23Z
dc.date.issued
2008-04
dc.identifier.uri
http://hdl.handle.net/20.500.11850/124093
dc.identifier.doi
10.3929/ethz-a-005626058
dc.description.abstract
How many people should decide about monetary policy? In this paper, we take an empirical perspective on this issue, analyzing the relationship between the number of monetary policy decision-makers and monetary policy outcomes. Using a new data set that characterizes Monetary Policy Committees (MPCs) in more than 30 countries from 1960 through 2000, we find a U-shaped relation between the membership size of MPCs and inflation; our results suggest that the lowest level of inflation is reached at MPCs with about seven to ten members. Similar results are obtained for other measures, such as inflation variability and output growth. We also find that MPC size influences the success of monetary targeting regimes. In contrast, there is no evidence that either turnover rates of MPC members or the membership composition of MPCs affect economic outcomes.
en_US
dc.language.iso
en
en_US
dc.publisher
KOF Swiss Economic Institute, ETH Zurich
dc.rights.uri
http://rightsstatements.org/page/InC-NC/1.0/
dc.subject
MONETARY POLICY
en_US
dc.subject
Central bank board
en_US
dc.subject
Monetary policy committee
en_US
dc.subject
Central bank council
en_US
dc.subject
Central bank design
en_US
dc.subject
Inflation
en_US
dc.subject
NATIONAL BANKS + CENTRAL BANKS
en_US
dc.subject
Governance
en_US
dc.subject
GELDPOLITIK
en_US
dc.subject
NATIONALBANKEN + ZENTRALBANKEN
en_US
dc.title
Too Many Cooks? Committees in Monetary Policy
en_US
dc.type
Working Paper
dc.rights.license
In Copyright - Non-Commercial Use Permitted
ethz.title.subtitle
Committees in monetary policy
en_US
ethz.journal.title
KOF Working Papers
ethz.journal.volume
195
en_US
ethz.size
25 p.
en_US
ethz.code.ddc
3 - Social sciences::330 - Economics
en_US
ethz.identifier.nebis
005626058
ethz.publication.place
Zürich
en_US
ethz.publication.status
published
en_US
ethz.leitzahl
ETH Zürich::00002 - ETH Zürich::00012 - Lehre und Forschung::00007 - Departemente::02120 - Dep. Management, Technologie und Ökon. / Dep. of Management, Technology, and Ec.::02525 - KOF Konjunkturforschungsstelle / KOF Swiss Economic Institute
en_US
ethz.leitzahl.certified
ETH Zürich::00002 - ETH Zürich::00012 - Lehre und Forschung::00007 - Departemente::02120 - Dep. Management, Technologie und Ökon. / Dep. of Management, Technology, and Ec.::02525 - KOF Konjunkturforschungsstelle / KOF Swiss Economic Institute
ethz.date.deposited
2017-06-12T17:17:27Z
ethz.source
ECOL
ethz.source
ECIT
ethz.identifier.importid
imp59366abf9629471148
ethz.identifier.importid
imp593654f6f227372301
ethz.ecolpid
eth:30515
ethz.ecitpid
pub:186536
ethz.eth
yes
en_US
ethz.availability
Open access
en_US
ethz.rosetta.installDate
2017-07-14T22:18:08Z
ethz.rosetta.lastUpdated
2018-11-06T03:29:52Z
ethz.rosetta.exportRequired
true
ethz.rosetta.versionExported
true
ethz.COinS
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