Central Banks' Voting Records and Future Policy

Roman Horvath, Katerina Smidkova and Jan Zapal

No 316, Working Papers from Leibniz Institut für Ost- und Südosteuropaforschung (Institute for East and Southeast European Studies)

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.

Keywords: monetary policy; voting record; transparency; collective decision-making (search for similar items in EconPapers)
JEL-codes: D78 E52 E58 (search for similar items in EconPapers)
Pages: 19
Date: 2012-07
New Economics Papers: this item is included in nep-cba, nep-cdm, nep-mac, nep-mon, nep-pol and nep-tra
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

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Related works:
Journal Article: Central Banks' Voting Records and Future Policy (2012)
Working Paper: Central Banks’ Voting Records and Future Policy (2011)
Working Paper: Central Banks' Voting Records and Future Policy (2010)
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