Taking Personalities Out of Monetary Policy Decision Making? Interactions, Heterogeneity and Committee Decisions in the Bank of England's MPC
Taking Personalities Out of Monetary Policy Decision Making? Interactions, Heterogeneity and Committee Decisions in the Bank of England's MPC
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将个性排除在货币政策决策之外？
DOI：
10.2139/ssrn.951492
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发表时间：
2006
期刊：
影响因子：
--
通讯作者：
S. Holly
中科院分区：
文献类型：
--
作者：
A. Bhattacharjee;S. Holly
英格兰银行货币政策制定过程的透明度提供了非常详细的数据，包括货币政策委员会个别成员的投票情况及其所依据的信息。在本文中，我们认为区间删失的反应，个别委员会成员的背景下，在模型中，通货膨胀预测目标，但有异质性和相互作用的委员会成员。我们发现成员国之间的政策反应函数存在很大的异质性。此外，我们确定了委员会成员的个人决定之间的重要相互作用。这些相互依赖的性质为英国央行货币政策委员会内部的信息共享和战略互动提供了信息。
The transparency of the monetary policymaking process at the Bank of England has provided very detailed data on both the votes of individual members of the Monetary Policy Committee and the information on which they are based. In this paper we consider interval censored responses of individual committee members in the context of a model in which inflation forecast targeting is used but there is both heterogeneity and interaction among the members of the committee. We find substantial heterogeneity in the policy reaction function across members. Further, we identify significant interactions between individual decisions of the committee members. The nature of these interdependencies inform about information sharing and strategic interactions within the Bank of England’s Monetary Policy Committee.