Optimal Structure of Monetary Policy Committees

Morimoto, Keiichi

Optimal Structure of Monetary Policy Committees

Morimoto, Keiichi

Discussion Papers In Economics And Business, 2009, 09-36-Rev.

アクセス数:220件（2025-07-16 08:04 集計）

固定URL: https://hdl.handle.net/11094/14003

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タイトル	Optimal Structure of Monetary Policy Committees
著者	NRID 1000050609815 1000050609815 著者名 Morimoto, Keiichi
キーワード等	monetary policy
	committee
	delegation
	imperfect information
	higher order expectations
内容	* Revised: [09-36, 2009]
抄録	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.
出版者	Graduate School of Economics and Osaka School of International Public Policy (OSIPP), Osaka University
収録物名	Discussion Papers In Economics And Business
巻(号)	09-36-Rev.
刊行年月	2009-12
言語	英語
ハンドルURL	https://hdl.handle.net/11094/14003
NCID	AA1160366X
関連情報 (references)	URI http://www2.econ.osaka-u.ac.jp/library/global/dp/0936R.pdf
アクセス権	metadata only access
カテゴリ	ディスカッション／ワーキング・ペーパー DP/WP
カテゴリ	Discussion Papers In Economics And Business
最終更新日	2009-12

資源タイプ	テクニカルレポート
ローカル資源タイプ	ディスカッション／ワーキング・ペーパー
DCMI資源タイプ	text
DCTERMS.bibliographicCitation	Discussion Papers In Economics And Business. 2009, 09-36-Rev.
DC.title	Optimal Structure of Monetary Policy Committees
DC.creator	Morimoto, Keiichi
DC.publisher	Graduate School of Economics and Osaka School of International Public Policy (OSIPP), Osaka University
DC.language' scheme='DCTERMS.RFC1766	英語
DC.type' scheme='DCTERMS.DCMIType	text
DCTERMS.issued' scheme='DCTERMS.W3CDTF	2009-12
DC.relation' scheme='DCTERMS.URI	http://www2.econ.osaka-u.ac.jp/library/global/dp/0936R.pdf
DC.subject	monetary policy
	committee
	delegation
	imperfect information
	higher order expectations
DC.description	* Revised: [09-36, 2009]
DCTERMS.abstract	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.
DC.format	14003
citation_title	Optimal Structure of Monetary Policy Committees
citation_author	Morimoto, Keiichi
citation_publisher	Graduate School of Economics and Osaka School of International Public Policy (OSIPP), Osaka University
citation_language	英語
citation_date	2009-12
citation_journal_title	Discussion Papers In Economics And Business
citation_volume	09-36-Rev.
citation_public_url	https://hdl.handle.net/11094/14003
citation_abstract_html_url	http://www2.econ.osaka-u.ac.jp/library/global/dp/0936R.pdf

Optimal Structure of Monetary Policy Committees

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