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| Author: | Gerlach-Kristen, P. |
| Title: | Monetary policy committees and interest rate setting |
| Journal: | European Economic Review
2006 : FEB, VOL. 50:2, p. 487-507 |
| Index terms: | committees decision making interest rates monetary policy uncertainty voting |
| Language: | eng |
| Abstract: | This article examines whether interest rate setting should be done by monetary policy committees or by a single policy maker when there is uncertainty about potential output. The authors analyze three different decision making procedures and find that voting is the appropriate way to make decisions when policy makers are not equally skilled. Therefore, monetary policy conducted by a committee is preferable. |
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