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Author: Henry W. Chappell, Jr. Publisher: MIT Press ISBN: 9780262262200 Category : Business & Economics Languages : en Pages : 340
Book Description
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.
Author: Great Britain. Parliament. House of Commons. Treasury Committee Publisher: ISBN: 9780102212013 Category : Finance Languages : en Pages : 90
Book Description
The establishment of an operationally independent central bank was the first major policy decision by the Chancellor in 1997. He set out the framework whereby he would set the objectives for monetary policy, in the form of an inflation target, but the Bank of England and the nine-member Monetary Policy Committee (MPC) would have the operational responsibility. This report is divided into four sections. The first assesses the performance of the MPC, whilst the second examines the components of the broader monetary framework. The third part looks at how the Treasury Committee has met its own objectives and the last section looks at the wider aspects of economic policy. They conclude that the record of the MPC is impressive and it has established a high level of credibility but there is a worry that there is a bias to undershooting the inflation target.
Author: Jérôme Vandenbussche Publisher: International Monetary Fund ISBN: Category : Business & Economics Languages : en Pages : 44
Book Description
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.
Author: Anke Weber Publisher: International Monetary Fund ISBN: 1451982631 Category : Business & Economics Languages : en Pages : 43
Book Description
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.
Author: Cheryl Schonhardt-Bailey Publisher: MIT Press ISBN: 0262019574 Category : Business & Economics Languages : en Pages : 537
Book Description
American monetary policy is formulated by the Federal Reserve and overseen by Congress. Both policy making and oversight are deliberative processes, although the effect of this deliberation has been difficult to quantify. In this book, Cheryl Schonhardt-Bailey provides a systematic examination of deliberation on monetary policy from 1976 to 2008 by the Federal Reserve's Open Market Committee (FOMC) and House and Senate banking committees. Her innovative account employs automated textual analysis software to study the verbatim transcripts of FOMC meetings and congressional hearings; these empirical data are supplemented and supported by in-depth interviews with participants in these deliberations. The automated textual analysis measures the characteristic words, phrases, and arguments of committee members; the interviews offer a way to gauge the extent to which the empirical findings accord with the participants' personal experiences --
Author: Great Britain: Parliament: House of Commons: Treasury Committee Publisher: The Stationery Office ISBN: 9780215036070 Category : Political Science Languages : en Pages : 24
Book Description
Vol. 1 was published as HCP 569-I, session 2006-07 (ISBN 9780215034885)
Author: Paul Tucker Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
In these remarks, Paul Tucker, Executive Director for Markets and Monetary Policy Committee (MPC) member, notes that social, political and historic factors affect the choice of monetary policy decision-making structures in different countries. In the United Kingdom, the MPC sets Bank Rate on a one member, one vote basis, and so compared with other central banks, is at the 'individualistic' end of the spectrum. But there are centripetal forces at work too: MPC members are incentivised to listen to one another, learn and persuade by careful analysis; and some MPC communications, such as the quarterly Inflation Report, are based on a shared understanding of the economy. The more collective Committee statements provide a backdrop for individual members' statements, and help to reduce the risk, aired by some commentators, of 'cacophony' in communications impeding the effectiveness of policy. As for the current conjuncture, he notes that because of the financial market turmoil, the short-term risk-free rate of interest may not be a summary statistic of monetary conditions in the usual way. Consequently it is necessary to undertake a richer analysis of monetary and credit conditions.
Author: United States. Congress. House. Committee on Banking, Currency and Housing. Subcommittee on Domestic Monetary Policy Publisher: ISBN: Category : Federal Reserve banks Languages : en Pages : 48
Author: Great Britain. Parliament. House of Commons. Treasury Committee Publisher: The Stationery Office ISBN: 9780215029089 Category : Business & Economics Languages : en Pages : 24
Book Description
The Treasury Committee has established a practice of holding hearings with persons appointed to the Monetary Policy Committee (MPC) of the Bank of England and reporting on those hearings. This practice enhances the transparency of the appointment process and increases the level of information available to the public and to Parliament about the functioning of the MPC. The Committee has held a hearing with Professor David Blanchflower about his appointment to the MPC, and is satisfied that Professor Blanchflower meets the criteria for appointment.
Author: Henry W. Chappell, Jr.
Author: Great Britain. Parliament. House of Commons. Treasury Committee
Author: Jérôme Vandenbussche
Author: Anke Weber
Author: Cheryl Schonhardt-Bailey
Author: Stephen L. Neal
Author: Great Britain: Parliament: House of Commons: Treasury Committee
Author: Great Britain. Parliament. House of Commons. Treasury Committee
Author: Paul Tucker
Author: United States. Congress. House. Committee on Banking, Currency and Housing. Subcommittee on Domestic Monetary Policy
Author: Great Britain. Parliament. House of Commons. Treasury Committee