Monetary Policy Committees: Individual and Collective Reputations

Anne Sibert

No 2328, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: This paper looks at how the reputation of a monetary policy-making committee is jointly determined with the reputations of its individual members. I ask whether individuals have more or less incentive to gain a reputation for being tough on inflation when they are part of a group. I examine the effect of increased transparency - in the form of publishing the votes of individual members - on individuals' incentives to appear hard nosed. I look at how other institutional features of central banks affect the policy making body's incentive to refrain from inflation.

Keywords: Central Banks; Collective Decision Making; Reputation (search for similar items in EconPapers)
JEL-codes: D71 E50 E58 (search for similar items in EconPapers)
Date: 1999-12
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Citations: View citations in EconPapers (3)

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Working Paper: Monetary Policy Committees: Individual and Collective Reputations (1999)
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