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Disclosing Dissent in Monetary Policy Committees

Author

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  • Jan Filacek
  • Lucie Kokesova Matejkova

Abstract

Dissenting opinions in monetary policy meetings are a common phenomenon and an integral part of committee decisions, but not every central bank discloses them to the same degree. This paper discusses the pros and cons of the various degrees of transparency of 14 central banks in disclosing differences of opinion among committee members. It focuses on the experience of the Swedish Riksbank and the Czech National Bank, both of which publish attributed minutes of their boards' monetary policy meetings. We argue that attributed minutes, which the Czech National Bank started to publish in February 2020, have provided market participants and the public with an opportunity to better understand the board members' individual opinions and behaviour. It can also be argued that attributed minutes have benefited the board members themselves, as they give them more room to present and explain their arguments.

Suggested Citation

  • Jan Filacek & Lucie Kokesova Matejkova, 2022. "Disclosing Dissent in Monetary Policy Committees," Research and Policy Notes 2022/02, Czech National Bank.
    • Handle: RePEc:cnb:rpnrpn:2022/02
    as

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    File URL: https://www.cnb.cz/export/sites/cnb/en/economic-research/.galleries/research_publications/irpn/download/rpn_2_2022.pdf
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    References listed on IDEAS

    as
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    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Central bank communication; dissent; minutes; monetary policy committees; transparency;
    All these keywords.

    JEL classification:

    • D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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