|
| |
| 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 |
|
