Flexible Majority Rules for Central Banks

Hans Gersbach and Bernhard Pachl

Journal of Money, Credit and Banking, 2009, vol. 41, issue 2-3, 507-516

Abstract: We propose a flexible majority rule for central-bank committees where the size of the majority depends monotonically on the change in interest rate within a particular time frame. Small changes in the interest rate require a small share, while larger changes require a larger share of supporting votes. We show that flexible majority rules are superior to simple majority rules. Copyright (c) 2009 The Ohio State University.

Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:mcb:jmoncb:v:41:y:2009:i:2-3:p:507-516

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