Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/209950 
Year of Publication: 
2010
Series/Report no.: 
Working Paper No. 2010/05
Publisher: 
Norges Bank, Oslo
Abstract: 
The discursive dilemma implies that the policy decision of a board of policymakers depends on whether the board reaches the decision by voting directly on policy (conclusion-based procedure), or by voting on the premises for the decision (premise-based procedure). We derive results showing when the discursive dilemma may occur, both in a general model and in a standard monetary policy model. When the board aggregates by majority voting, a discursive dilemma can occur if either (i) the relationship between the premise and the decision is non-monotonic, or (ii) if the board members have different judgments on at least two of the premises. Normatively, a premise-based procedure tends to give better decisions when there is disagreement on parameters of the model.
Persistent Identifier of the first edition: 
ISBN: 
978-82-7553-551-9
Creative Commons License: 
cc-by-nc-nd Logo
Document Type: 
Working Paper
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