Preference Heterogeneity in Monetary Policy Committees

Alessandro Riboni () and Francisco J. Ruge-Murcia ()

Cahiers de recherche from Universite de Montreal, Departement de sciences economiques

Abstract: This short paper employs individual voting records of the Monetary Policy Committee (MPC) of the Bank of England to study heterogeneity in policy preferences among committee members. The analysis is carried out using a simple generalization of the standard Neo Keynesian framework that allows members to dier in the weight they give to output compared with in ation stabilization and in their views regarding optimal inflation and natural output. Results indicate that, qualitatively, MPC members are fairly homogeneous in their policy preferences, but that there are systematic quantitative dierences in their policy reaction functions that are related to the nature of their membership and career background.

Keywords: Committees; reaction functions; Bank of England (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-cdm, nep-mac and nep-mon
Date: Written 2007
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http://hdl.handle.net/1866/1484 (application/pdf)

Related works:
Working Paper: Preference heterogeneity in monetary policy committees (2007)
Journal Article: Preference Heterogeneity in Monetary Policy Committees (2008)
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