文章基本信息

标题：Preference Heterogeneity in Monetary Policy Committees
本地全文：下载
作者：Alessandro Riboni ; Francisco J. Ruge-Murcia
期刊名称：International Journal of Central Banking
印刷版ISSN：1815-4654
出版年度：2008
卷号：2008
期号：01
出版社：IJCB Publications Fulfillment
摘要：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 New 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 there are systematic quantitative differences in their policy reaction functions that are related to the nature of their membership and career background.