Monetary Policy Deliberations: Committee Size and Voting Rules

Vincent Maurin & Jean‐Pierre Vidal

Recherches Economiques de Louvain2014https://doi.org/10.1017/s0770451800002104article
ABDC B
Weight
0.51

What the paper says

Summary How large should a monetary policy committee be? Which voting rule should a monetary policy committee adopt? This paper builds on Condorcet's jury theorem to analyse the relationships between committee size and voting rules in a model where policy discussions are subject to a time constraint. It suggests that in large committees majority voting is likely to enhance policy outcomes. Under unanimity (consensus) it is preferable to limit the size of the committee. Finally, supermajority voting rules are social contrivances that contribute to policy performance in a more uncertain environment, when initial policy proposals are less likely to be correct, or when payoffs are asymmetric.

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https://doi.org/https://doi.org/10.1017/s0770451800002104

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@article{vincent2014,
  title        = {{Monetary Policy Deliberations: Committee Size and Voting Rules}},
  author       = {Vincent Maurin & Jean‐Pierre Vidal},
  journal      = {Recherches Economiques de Louvain},
  year         = {2014},
  doi          = {https://doi.org/https://doi.org/10.1017/s0770451800002104},
}

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Evidence weight

0.51

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.49 × 0.4 = 0.20
M · momentum0.60 × 0.15 = 0.09
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.