The Effects of Learning in Interactive Monetary Policy Committees

Jan Marc Berk () and Beata K. Bierut ()
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Jan Marc Berk: Faculty of Economics and Business Administration, Vrije Universiteit Amsterdam, and De Nederlandsche Bank, Amsterdam
Beata K. Bierut: Faculty of Economics, Erasmus Universiteit Rotterdam, and De Nederlandsche Bank, Amsterdam

No 04-029/2, Tinbergen Institute Discussion Papers from Tinbergen Institute

Abstract: We develop a theoretical framework for studying the effects of interaction on the quaJity of decision-making by monetary policy committees. We show that interaction, i.e. increasing one's expertise through an exchange of views, is most likely not to result in interdependent voting behaviour.Therefore, and in contrast to earlier literature, we find that interaction is beneficial for the collective outcome.

Keywords: Monetary policy; interest rates; learning (search for similar items in EconPapers)
JEL-codes: D71 D83 E52 E58 (search for similar items in EconPapers)
Date: 2004-03-09
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Citations: View citations in EconPapers (9)

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Persistent link: https://EconPapers.repec.org/RePEc:tin:wpaper:20040029

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