Monetary policy committees, learning and communication /
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| Author / Creator: | Weber, Anke, 1981- author. |
|---|---|
| Imprint: | [Washington, D.C.] : International Monetary Fund, ©2010. |
| Description: | 1 online resource (41 pages) : color illustrations |
| Language: | English |
| Series: | IMF working paper ; WP/10/85 IMF working paper ; WP/10/85. |
| Subject: | |
| Format: | E-Resource Book |
| URL for this record: | http://pi.lib.uchicago.edu/1001/cat/bib/12499735 |
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| 100 | 1 | |a Weber, Anke, |d 1981- |e author. |0 http://id.loc.gov/authorities/names/nr2006000888 | |
| 245 | 1 | 0 | |a Monetary policy committees, learning and communication / |c prepared by Anke Weber. |
| 260 | |a [Washington, D.C.] : |b International Monetary Fund, |c ©2010. | ||
| 300 | |a 1 online resource (41 pages) : |b color illustrations | ||
| 336 | |a text |b txt |2 rdacontent | ||
| 337 | |a computer |b c |2 rdamedia | ||
| 338 | |a online resource |b cr |2 rdacarrier | ||
| 490 | 1 | |a IMF working paper ; |v WP/10/85 | |
| 504 | |a Includes bibliographical references. | ||
| 588 | 0 | |a Print version record. | |
| 520 | |a This paper considers optimal communication by monetary policy committees in a model of imperfect knowledge and learning. The main policy implications are that there may be costs to central bank communication if the public is perpetually learning about the committee's decision-making process and policy preferences. When committee members have heterogeneous policy preferences, welfare is greater under majority voting than under consensus decision-making. Furthermore, central bank communication under majority voting is more likely to be beneficial in this case. It is also shown that a chairman with stable policy preferences who carries significant weight in the monetary policy decision-making process is welfare enhancing. | ||
| 505 | 0 | |a Cover Page; Title Page; Copyright Page; Contents; I. Introduction; II. The Model; A. General Setup; B. Uncertainty About The Central Bank's Preferences; III. Monetary Policy Committee Decision-Making; A. The Preferences of Committee Members; B. Timing; C. The Policy Decision; C.1. Decision-making by consensus; C.2. Individualistic decision-making; IV. The Private Sector; A. Complete Opacity by Committee Members; B. Voting records and policy minutes published; C. Imperfect Communication of Preferences; C.1. No uncertainty about the precision of public information. | |
| 505 | 8 | |a C.2. Imperfect knowledge of the precision of public informationV. Results; A. Perfect Knowledge Benchmark; B. Private Sector Imperfect Knowledge; B.1. Voting records and policy minutes are published; B.2. A chairman with added influence; B.3. Voting records and speeches are published; VI. Conclusion; Appendix; 1. RMSE of the public under averaging and voting: homogeneous policymakers; 2. RMSE of the public under averaging and voting: heterogeneous policymakers; 3. RMSE of the public with heterogeneous policymakers for different constant gains. | |
| 505 | 8 | |a 4. RMSE of the public with homogeneous policymakers for different constant gains5. RMSE of the public under consensus with special influence of the chairman; 6. RMSE of the public under majority voting with special influence of the chairman; 7. RMSE of the public under majority voting with imperfect knowledge of precision of public information; Sensitivity Analysis; 1. Private sector RMSEs, preferences less persistent than in benchmark case; 2. Private sector RMSEs, preferences more persistent than in benchmark case. | |
| 505 | 8 | |a 3. Private sector RMSEs, complete opacity, different persistence of members' preferences4. Effects of changing the variance of the noise in the preference aggregation equation; 5. Effects of varying N, heterogeneous members; 6. Effects of varying N, homogeneous members; 7. Private sector RMSEs, different variances of committee members' preferences; 8. Complete opacity, different variances of committee members' preferences; References; Footnotes. | |
| 650 | 0 | |a Banks and banking |z Central America |x Econometric models. | |
| 650 | 0 | |a Monetary policy |x Econometric models. | |
| 650 | 6 | |a Politique monétaire |x Modèles économétriques. | |
| 650 | 7 | |a Banks and banking |x Econometric models. |2 fast |0 (OCoLC)fst00826918 | |
| 650 | 7 | |a Monetary policy |x Econometric models. |2 fast |0 (OCoLC)fst01025234 | |
| 651 | 7 | |a Central America. |2 fast |0 (OCoLC)fst01244535 | |
| 655 | 4 | |a Electronic books. | |
| 710 | 2 | |a International Monetary Fund. |b Middle East and Central Asia Department, |e issuing body. |0 http://id.loc.gov/authorities/names/no2004029012 | |
| 776 | 0 | 8 | |i Print version: |a Weber, Anke. |t Monetary Policy Committees, Learning, and Communication. |d Washington : International Monetary Fund, ©2010 |z 9781451982633 |
| 830 | 0 | |a IMF working paper ; |v WP/10/85. |0 http://id.loc.gov/authorities/names/no89010263 | |
| 856 | 4 | 0 | |u http://elibrary.imf.org/view/journals/001/2010/085/001.2010.issue-085-en.xml |y INTERNATIONAL MONETARY FUND |
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