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Christopher Spencer
''Monetary Policy Committees and DeGrootian Consensus''
( 2014, Vol. 34 No.2 )
Reaching a decision on the policy interest-rate often requires members of a monetary policy committee (MPC) to form a consensus. To model this phenomenon, a formal deliberation mechanism that captures how committee members achieve consensus à la Morris DeGroot (1974) is employed. Numerical simulations demonstrate how DeGroot's framework informs how so-called autocratically collegial, genuinely collegial, and individualistic MPCs (Blinder, 2007) reach agreement.
Keywords: Monetary policy committees, consensus formation, deliberation
JEL: D7 - Analysis of Collective Decision-Making: General
E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit: General
Manuscript Received : Mar 03 2012 Manuscript Accepted : Jun 20 2014

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