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On the performance of Monetary Policy Committees

Etienne Farvaque, Piotr Stanek and Stéphane Vigeant ()

No 154, NBP Working Papers from Narodowy Bank Polski

Abstract: This paper examines the influence of the biographical experience of monetary policy committee members on their performance in managing inflation and output volatility. Our sample covers major OECD countries in the 1999 to 2010 period. Using data envelopment analysis, we study the efficiency of monetary policy committees. Then, we look at the determinants of these performances. The results in particular show that (i) a larger number of governors is more efficient, except in crisis time, (ii) a policymakers' background influence the performance, with a positive role for committee members issued from academia, central banks and the financial sector. It is also shown that some committees have reduced the inefficiency created by the crisis more rapidly than others.

Keywords: Central banking; Committees; DEA; Economic volatility; Governance (search for similar items in EconPapers)
JEL-codes: D20 D78 E31 E52 E58 E65 (search for similar items in EconPapers)
Pages: 42
Date: 2013
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
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Journal Article: On the Performance of Monetary Policy Committees (2014) Downloads
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