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SSRN Electronic Journal
Article . 2007 . Peer-reviewed
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Preference Heterogeneity in Monetary Policy Committees

Authors: Riboni, Alessandro; Ruge-Murcia, Francesco;

Preference Heterogeneity in Monetary Policy Committees

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 differ in the weight they give to output compared with inflation 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 differences in their policy reaction functions that are related to the nature of their membership and career background.

Countries
France, Canada
Keywords

330, reaction functions, Bank of England, Committees, reaction functions, Bank of England, Committees, 339, Committees; reaction functions; Bank of England, D7, Macroéconomie, E5, E4, jel: jel:G23, jel: jel:G32, jel: jel:E4, jel: jel:E5, jel: jel:D7

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    11
    popularity
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    Average
    influence
    This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
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selected citations
These citations are derived from selected sources.
This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Citations provided by BIP!
popularity
This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.
BIP!Popularity provided by BIP!
influence
This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Influence provided by BIP!
impulse
This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.
BIP!Impulse provided by BIP!
11
Average
Average
Top 10%
Green
bronze