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Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/4070
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| Title: | | Monetary policy committee size and inflation volatility  |
| Authors: | | Erhart, Szilárd Lehment, Harmen Vasquez-Paz, Jose Luis |
| Issue Date: | | 2007 |
| Series/Report no.: | | Kieler Arbeitspapiere 1377 |
| Abstract: | | Previous research on the optimal size of a monetary policy committee (MPC) focused on theoretical analyses and experimental studies. These studies suggest that the ideal monetary policy committee may not have many more than five members. In this paper we conduct an empirical cross-country study to explore whether there is a link between the size of an MPC and inflation volatility. The analysis for 75 countries which have adopted MPCs provides some support for the above suggestion: countries with less than five MPC members tend to have larger deviations from trend inflation than MPCs with five members; raising the number of MPC members above five does not contribute to a further reduction in volatility. |
| Subjects: | | Monetary Policy Committee Inflation Volatility |
| JEL: | | E31 E42 E58 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Publikationen von Forscherinnen und Forschern des IfW Economists Online Kieler Arbeitspapiere, IfW
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| kap1377.pdf | | 121.11 kB | Adobe PDF |
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