Selecting Your Inflation Targeters: Background and Performance of Monetary Policy Committee Members

Etienne Farvaque, Piotr Stanek and Hammadou Hakim
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Hammadou Hakim: Université de Lille 1,Villeneuve-d'Ascq, France

German Economic Review, 2011, vol. 12, issue 2, 223-238

Abstract: This paper starts by describing the composition of monetary policy committees (MPCs) in inflation-targeting and non-targeting countries. The experience of MPC members on their inflation performance is then compared, opposing inflation targeters with non-targeters. Our sample covers the major Organization for Economic Cooperation and Development countries, in the period 1999-2008. Our results first show that MPCs are different in inflation-targeting (versus non-targeting) countries. They also reveal that policy-makers’ backgrounds influence inflation, and that the influence of MPCs’ experience is much greater in inflation-targeting countries, while size effects are more important for committees that do not target inflation.

Keywords: Central banking; monetary policy committees, inflation, inflation targeting (search for similar items in EconPapers)
Date: 2011
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DOI: 10.1111/j.1468-0475.2010.00520.x

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