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Monetary Policy Committees, Learning and Communication

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  • Miss Anke Weber

Abstract

This paper considers optimal communication by monetary policy committees in a model of imperfect knowledge and learning. The main policy implications are that there may be costs to central bank communication if the public is perpetually learning about the committee's decision-making process and policy preferences. When committee members have heterogeneous policy preferences, welfare is greater under majority voting than under consensus decision-making. Furthermore, central bank communication under majority voting is more likely to be beneficial in this case. It is also shown that a chairman with stable policy preferences who carries significant weight in the monetary policy decision-making process is welfare enhancing.

Suggested Citation

  • Miss Anke Weber, 2010. "Monetary Policy Committees, Learning and Communication," IMF Working Papers 2010/085, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2010/085
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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=23768
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    Cited by:

    1. Esteban Colla de Robertis, 2010. "Monetary Policy Committees and the Decision to Publish Voting Records," Money Affairs, CEMLA, vol. 0(2), pages 97-139, July-Dece.
    2. Timo Henckel & Shaun Vahey & Liz Wakerly, 2011. "Probabilistic interest rate setting with a shadow board: A description of the pilot project," CAMA Working Papers 2011-27, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.

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    Keywords

    WP; central bank;

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