Journal of Monetary Economics 2014 DOI: 10.1016/j.jmoneco.2014.06.004 View full text
Stephen Hansen, Michael McMahon, Carlos Velasco Rivera

Abstract: AbstractUsing Bank of England voting data, we show empirically that members' votes are driven by heterogeneous individual assessments of the economy as well as their individual policy preferences. Estimates indicate that internal committee members form more precise assessments than externals and are also more hawkish. The estimates allow the first quantification of the gain due to information aggregation on monetary policy committees. The marginal gain from additional committee members tapers quickly after fi…

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