Modelowanie procesu podejmowania decyzji przez Radę Polityki Pieniężnej

• Authors: Ewa Dziwok

Title variants

EN

Modeling of Monetary Policy Committee Behavior Concerning Voting Decisions for Official Interest Rates Setting

• Languages of publication: PL

Abstracts

EN

Decision-making process made by committees are nowadays the most popular way of interest rate setting. The committee size, length of tenure, and the organization of the interest rate meeting could affect the voting behavior and influences the policy outcome. This paper reviews different views about the role of expectations in monetary policy - how they are set up and how they evolve over time. An important contribution of this paper is to show two different modeling approaches: collective decision-making process based on game theory and classical statistical one. The results are applied to the National Bank of Poland decision making process in 1998-2011.

Keywords

PL

Polityka pieniężna; Rynki finansowe; Stopa procentowa

EN

Financial markets; Interest rate; Monetary policy

• Publisher: Uniwersytet Ekonomiczny w Katowicach
• Journal: Studia Ekonomiczne
• Year: 2013
• Volume: 135
• Pages: 43-50

Contributors

author

Ewa Dziwok

References

• Berk J.M., Bierut B.K. (2009): Monetary Policy Committees. Meetings and Outcomes. ECB Working Paper Series No 1070/July.
• Blinder A.S. (2008): Making Monetary Policy by Committee. CEPS Working Paper No 167, June.
• Blinder A.S., Morgan J. (2000): Are Two Heads Better than One? An Experimental Analysis of Group vs. Individual Decision-making. NBER Working Paper Series 7909, September.
• Gerlach-Kristen P. (2008): The Role of the Chairman in Setting Monetary Policy: Individualistic vs Autocratilly Collegial MPCs. "International Journal of Central Banking", September.
• Groth C., Wheeler T. (2008): The Behaviour of the MPC: Gradualism, Inaction and Individual Voting Patterns. External MPC Unit Discussion Paper No 21, Bank of England.
• Meon P-G. (2006): Majority Voting with Stochastic Preferences: The Whims of a Committee are Smaller than the Whims of its Members. DULBEA Working Paper no 06-05, Universite Libre de Bruxelles.

Identifiers

ISSN

2083-8611