Template-Type: ReDIF-Paper 1.0
Series: Tinbergen Institute Discussion Papers
Creation-Date: 2004-03-09
Number: 04-029/2
Author-Name: Jan Marc Berk
Author-Email: j.m.berk@dnb.nl
Author-Workplace-Name: Faculty of Economics and Business Administration, Vrije Universiteit Amsterdam, and De Nederlandsche Bank, Amsterdam
Author-Name: Beata K. Bierut
Author-Email: bierut@few.eur.nl
Author-Workplace-Name: Faculty of Economics, Erasmus Universiteit Rotterdam, and De Nederlandsche Bank, Amsterdam
Title: The Effects of Learning in Interactive Monetary Policy Committees
Abstract: We develop a theoretical framework for studying the effects of interaction on the quaJity of decision-making by monetary policy committees. We show that interaction, i.e. increasing one's expertise through an exchange of views, is most likely not to result in interdependent voting behaviour.Therefore, and in contrast to earlier literature, we find that interaction is beneficial for the collective outcome.
Classification-JEL: E52; E58; D83; D71
Keywords: Monetary policy; interest rates; learning
File-Url: https://papers.tinbergen.nl/04029.pdf
File-Format: application/pdf
File-Size: 462249 bytes
Handle: RePEc:tin:wpaper:20040029