Book contents
- Reflections on Monetary Policy after 25 Years of the MPC
- Macroeconomic Policy Making
- Reflections on Monetary Policy after 25 Years of the MPC
- Copyright page
- Contents
- Figures
- Tables
- Contributors
- I Overview
- II Communication
- III Targets and Instruments
- IV MPC Process
- 11 An Analysis of Central Bank Decision-Making
- 12 The Decision-Making Process
- V Lessons for Central Bank Independence
- Annex: Details on the methodology for the classification of level of disagreement
- Index
- References
12 - The Decision-Making Process
The ‘Groupvote’ Phenomenon
from IV - MPC Process
Published online by Cambridge University Press: 14 November 2024
Book contents
- Reflections on Monetary Policy after 25 Years of the MPC
- Macroeconomic Policy Making
- Reflections on Monetary Policy after 25 Years of the MPC
- Copyright page
- Contents
- Figures
- Tables
- Contributors
- I Overview
- II Communication
- III Targets and Instruments
- IV MPC Process
- 11 An Analysis of Central Bank Decision-Making
- 12 The Decision-Making Process
- V Lessons for Central Bank Independence
- Annex: Details on the methodology for the classification of level of disagreement
- Index
- References
Summary
This chapter highlights a number of potential explanations for the apparent disconnect between the votes and the views of dissenting members of the Monetary Policy Committee. The MPC appears to agree more than would be expected on the basis of views expressed elsewhere in speeches and papers. None of them are particularly satisfactory. The obvious way to establish which, if any, of these explanations are relevant is to ask former members of the Committee what they think. There remains a compelling case for producing an oral history of the Monetary Policy Committee if we want to understand how and why committees function in practice.
- Type
- Chapter
- Information
- Reflections on Monetary Policy after 25 Years of the MPC , pp. 145 - 158Publisher: Cambridge University PressPrint publication year: 2024
References
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