An empirical analysis of monetary policy committees composition and its relationship with monetary policy

Guilherme Spilimbergo Costa and Diogo Abry Guillen

Latin American Journal of Central Banking (previously Monetaria), 2024, vol. 5, issue 4

Abstract: This paper compiles a novel and unique dataset encompassing 439 individuals who served as board members on 16 different inflation-targeting central banks’ monetary policy committees (MPCs) from 1999 to 2018. We document relevant trends over the past twenty years: (i) An increasing share of women serving on committees, albeit still a minority; (ii) an increase in the share of members with previous private sector experience and (iii) an increase in the average age and experience among members over time. Moreover, we find that: (i) A higher proportion of members with MBAs and Masters’ in economics is related to lower levels of inflation; (ii) a committee with more members with formations not in economics or law tends to be more lenient towards the monetary policy target; (iii) the average MPC age within a range of 55 and 60 years seems to be linked to less volatile inflation; and (iv) more MPC women members correlates with both lower and less volatile inflation.

Keywords: Monetary policy committees; MPC; Policy-makers (search for similar items in EconPapers)
JEL-codes: E52 E58 E63 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:lajcba:v:5:y:2024:i:4:s2666143824000164

DOI: 10.1016/j.latcb.2024.100134

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