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| Author: | Meade, E.E. Stasavage, D. |
| Title: | Publicity of debate and the incentive to dissent: evidence from the US Federal Reserve |
| Journal: | Economic Journal
2008 : APR, VOL. 118:528, p. 695-717 |
| Index terms: | decision making publicity USA |
| Language: | eng |
| Abstract: | Transparent committee decision making may have evident benefits by making members more accountable to outside observers. One potential cost is considered: the possibility that publishing records of deliberations will make members more reluctant to offer dissenting opinions. A model that compares incentives for members with "career concerns" to voice dissent when deliberations occur in public or in private, is developed. The model is then tested by an original dataset based on deliberations of the Federal Reserve's Federal Open Market Committee, considering whether the FOMC's 1993 decision to begin releasing transcripts of its meetings has altered incentives for dissent. |
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