Preference Heterogeneity in Monetary Policy Committees

Alessandro Riboni and Francisco Ruge-Murcia

Cahiers de recherche from Centre interuniversitaire de recherche en économie quantitative, CIREQ

Abstract: This short paper employs individual voting records of the Monetary Policy Committee (MPC) of the Bank of England to study heterogeneity in policy preferences among committee members. The analysis is carried out using a simple generalization of the standard Neo Keynesian framework that allows members to di er in the weight they give to output compared with in ation stabilization and in their views regarding optimal inflation and natural output. Results indicate that, qualitatively, MPC members are fairly homogeneous in their policy preferences, but that there are systematic quantitative di erences in their policy reaction functions that are related to the nature of their membership and career background.

Keywords: Committees; reaction functions; Bank of England (search for similar items in EconPapers)
JEL-codes: D7 E4 E5 (search for similar items in EconPapers)
Pages: 18 pages
Date: 2007
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Citations: View citations in EconPapers (6)

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Related works:
Journal Article: Preference Heterogeneity in Monetary Policy Committees (2008)
Working Paper: Preference Heterogeneity in Monetary Policy Committees (2007)
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Persistent link: https://EconPapers.repec.org/RePEc:mtl:montec:05-2007

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