Monetary policy decisions – comparing theory and “inside” information from MPC members

Mikael Apel, Carl Claussen, Petra Gerlach-Kristen, Petra Lennartsdotter and Øistein Røisland
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Øistein Røisland: Norges Bank (Central Bank of Norway)

No 2013/03, Working Paper from Norges Bank

Abstract: How do monetary policy committee (MPC) members form their views about the appropriate interest rate? To what extent do they change their minds during the deliberations in the interest rate meeting? How important is the Chairman? The theoretical literature makes assumptions about these issues. We have asked actual MPC members in Sweden and Norway. This paper reports the results from this unique survey and discusses how well existing theories on monetary policy by committee capture the reality.

Keywords: Monetary Policy Committee; Sveriges Riksbank; Norges Bank; Decision Making; Questionnaire Study. (search for similar items in EconPapers)
JEL-codes: D71 E52 E58 (search for similar items in EconPapers)
Pages: 43 pages
Date: 2013-01-16
New Economics Papers: this item is included in nep-cba, nep-cdm, nep-hme and nep-mon
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (8)

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Persistent link: https://EconPapers.repec.org/RePEc:bno:worpap:2013_03

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