Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/79244
Authors: 
Horváth, Roman
Šmídková, Kateřina
Zápal, Jan
Year of Publication: 
2012
Series/Report no.: 
IOS Working Papers 316
Abstract: 
We assess whether the voting records of central bank boards are informative about future monetary policy using data on five inflation targeting countries (the Czech Republic, Hungary, Poland, Sweden and the United Kingdom). We find that in all countries the voting records, namely the difference between the average voted-for and actually implemented policy rate, signal future monetary policy, making a case for publishing the records. This result holds even if we control for the financial market expectations; include the voting records from the period covering the current global financial crisis and examine the differences in timing and style of the voting record announcements.
Subjects: 
monetary policy, voting record, transparency, collective decision-making
JEL: 
D78
E52
E58
Document Type: 
Working Paper

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