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dc.contributor.authorErhart, Szilárden
dc.contributor.authorVasquez-Paz, Jose Luisen
dc.date.accessioned2007-06-08-
dc.date.accessioned2009-08-06T10:03:19Z-
dc.date.available2009-08-06T10:03:19Z-
dc.date.issued2007-
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
dc.language.isoengen
dc.publisher|aKiel Institute for the World Economy (IfW) |cKielen
dc.relation.ispartofseries|aKiel Advanced Studies Working Papers |x439en
dc.subject.jelE50en
dc.subject.jelE58en
dc.subject.ddc330en
dc.subject.stwGeldpolitiken
dc.subject.stwZentralbanken
dc.subject.stwGruppenarbeiten
dc.subject.stwTheorieen
dc.subject.stwWelten
dc.titleOptimal monetary policy committee size: theory and cross country evidence-
dc.typeWorking Paperen
dc.identifier.ppn531162524en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:ifwasw:439en

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