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How to draft ‘good’ minutes of monetary policy decisions

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  • Jan Fredrik Qvigstad

Abstract

The minutes of monetary policy decisions at central banks vary substantially. A common norm does not exist. To ensure accountability and guide policy expectations, the minutes should satisfy some basic requirements. In search of criteria for ‘good’ minutes, it is relevant to look at how supreme courts write their decisions. Four criteria for ‘good’ minutes are proposed. The minutes of six central banks are assessed against the proposed criteria. In spite of the substantial variation in format, their minutes largely satisfy the criteria. The central banks' minutes seem to reflect their individual communication histories. The central banks could learn from each other, but also from the supreme courts, especially in terms of how they organise the writing of the minority view.

Suggested Citation

  • Jan Fredrik Qvigstad, 2019. "How to draft ‘good’ minutes of monetary policy decisions," Economic Affairs, Wiley Blackwell, vol. 39(1), pages 44-64, February.
  • Handle: RePEc:bla:ecaffa:v:39:y:2019:i:1:p:44-64
    DOI: 10.1111/ecaf.12329
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    References listed on IDEAS

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    1. Carl Walsh, 2014. "Multiple Objectives and Central Bank Tradeoffs under Flexible Inflation Targeting," CESifo Working Paper Series 5097, CESifo.
    2. Qvigstad,Jan Fredrik, 2016. "On Central Banking," Cambridge Books, Cambridge University Press, number 9781107150973, October.
    3. Otmar Issing, 2005. "Communication, transparency, accountability: monetary policy in the twenty-first century," Review, Federal Reserve Bank of St. Louis, vol. 87(Mar), pages 65-83.
    4. Jan F. Qvigstad, 2006. "When does an interest rate path “look good”? Criteria for an appropriate future interest rate path," Working Paper 2006/05, Norges Bank.
    5. Michael Woodford, 2005. "Central bank communication and policy effectiveness," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, issue Aug, pages 399-474.
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