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dc.contributor.authorErhart, Szilárden_US
dc.contributor.authorVasquez-Paz, Jose Luisen_US
dc.date.accessioned2007-06-08en_US
dc.date.accessioned2009-08-06T10:03:19Z-
dc.date.available2009-08-06T10:03:19Z-
dc.date.issued2007en_US
dc.identifier.urihttp://hdl.handle.net/10419/27016-
dc.description.abstractTheoretical and empirical studies of different sciences suggest that an optimal committee consists of roughly 5-9 members, although it can swell mildly under specific circumstances. This paper develops a conceptual model in order to analyze the issue in case of monetary policy formulation. The optimal monetary policy committee (MPC) size varies according to the uncertainty of MPC members' information influenced by the size of the monetary zone and overall economic stability. Our conceptual model is backed up with econometric evidence using a survey of 85 countries. The MPC size of large monetary zones (EMU, USA, Japan) is close to the estimated optimal level, but there exist several smaller countries with too many or too few MPC members.en_US
dc.language.isoengen_US
dc.publisherKiel Institute for the World Economy (IfW) Kielen_US
dc.relation.ispartofseriesKiel advanced studies working papers 439en_US
dc.subject.jelE50en_US
dc.subject.jelE58en_US
dc.subject.ddc330en_US
dc.subject.stwGeldpolitiken_US
dc.subject.stwZentralbanken_US
dc.subject.stwGruppenarbeiten_US
dc.subject.stwTheorieen_US
dc.subject.stwWelten_US
dc.titleOptimal monetary policy committee size: theory and cross country evidenceen_US
dc.typeWorking Paperen_US
dc.identifier.ppn531162524en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:Publikationen von Forscherinnen und Forschern des IfW
Kiel Advanced Studies Working Papers, IfW

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