An International Comparison of Voting by Committees

Abstract

Non-technical summary 1 Introduction 2 Heterogeneity in the monetary policy process 3 What can be learnt from committees' voting records? 4 An econometric analysis of diversity in committees 4.1 Testing for heterogeneity in monetary policy committees 4.2 Estimating reaction functions with a real-time data base 4.3 Reaction functions for the FOMC, the MPC and the Riksbank's Executive Board