Dissent in Monetary Policy Decisions

Publicado en

  • Journal of Monetary Economics


  • Voting records indicate that dissents in monetary policy committees are frequent and predictability regressions show that they help forecast future policy decisions. This paper develops a model of consensual collective decision-making and dissent, and estimates it using individual voting data from the Bank of England and the Riksbank. Regressions based on artificial data simulated from the model show that decision-making frictions help account for the predictive power of current dissents.

fecha de publicación

  • 2014

Líneas de investigación

  • Committees
  • Political Economy of Central Banking
  • Supermajority
  • Voting Models

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