Expectations for the MPC chair and interest rate persistence

Yuta Saito

Mathematical Social Sciences, 2024, vol. 128, issue C, 25-30

Abstract: This paper examines how the public’s expectations for the chair of the monetary policy committee influence policy outcomes. We show that the expectation that the chair will propose their ideal policy at the meeting can lead a majority of the committee to reject the policy change. The result suggests that the expectation of the chair’s agenda setting is a determinant of interest rate persistence.

Keywords: Central banking; Monetary policy committee; Collective policymaking; Agenda setting; Interest rate rigidity; Interest rate smoothing (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:matsoc:v:128:y:2024:i:c:p:25-30

DOI: 10.1016/j.mathsocsci.2024.01.005

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