Research Workshop on Monetary Policy Committees

Oslo, 6 - 7 September 2007

Norges Bank (Central Bank of Norway) will host a research Workshop on monetary policy by committees in Oslo 6 - 7 September 2007.

In a modern central bank, the responsibility for monetary policy typically lies within a committee and not, as assumed in the theoretical literature, with a single policymaker. What are the arguments in for delegating monetary policy decisions to a committee? Why do the committees differ? What is a good institutional setup for monetary policy decisions within a central bank? How should a committee deliberate? How should it communicate? What are the linkages between committees and other aspects of monetary policy like communication, goal, independence etc.?

These and related questions are receiving increasing interest by researchers. The aim of the research workshop is to inspire more research on these questions and to bring together researchers working on the topics to discuss the ongoing research.

Alan S. Blinder, Princeton University, will give an opening lecture at the workshop

Program committee:
Petra Gerlach-Kristen (Swiss National Bank),
Anne Sibert (Birkbeck College, University of London),
Carl A. Claussen (Norges Bank),
Øistein Røisland (Norges Bank).

The workshop is open for registration with a final deadline 15 July 2007. Note that there is an upper limit on the number of participants. People presenting papers and discussants will be given priority.


Thursday 6 September

Welcome by central bank Governor Svein Gjedrem

Opening Lecture by Professor Alan Blinder, Princeton University

Session 1: Committee size. Chair: Carl A. Claussen
Optimal monetary policy committee size: Theory and cross country evidence / Szilárd Erhart and Jose Luis Vasquez-Paz

Discussant: Jerome Vandenbussche

Central banks around the world: Does membership size differ? / Helge Berger, Volker Nitsh and Tonny Lybek

Discussant: David Archer

Session 2: Information and aggregation. Chair: Petra Gerlach-Kristen
Two-tiered MPCs and the implications for monetary policy / Jan Marc Berk and Beata K. Bierut

Discussant: David Mayes

Designing Decision-Making Procedures in MPCs: The Advantage of Premise-Based Interest Rate Decisions / Carl Andreas Claussen and Øistein Røisland

Discussant: Francisco J. Ruge-Murcia

Session 3: MPCs and the government. Chair: Anne Sibert
Central Bankers in Government Appointed Committees / MarcelaEslava

Discussant: Alexander Mihailov

Central Bank Conservativsm, Partisanship and Policy by Committee / Christopher J. Waller

Discussant: Anne Sibert

Friday 7 September

Session 4: Communication. Chair: Øistein Røisland
Communication, Decision-Making and the Optimal Degree of Transparency of Monetary Policy Committees / Anke Weber

Discussant: Petra Gerlach-Kristen

Social value of public information – testing the limits to transparency / Michael Ehrmann and Marcel Fratzscher

Discussant: Petra Geraats

Session 5: Interest rate smoothing.Chair: Petra Gerlach-Kristen
Monetary Policy Committees: Consensus versus Agenda-Setting Chairmen / Alessadro Riboni and Francisco J. Ruge-Murcia

Discussant: Pierre-Guillaume Méon

How committees reduce the volatility of policy rates / Etienne Farvaque, Norimichi Matsueda and Pierre-Guillaume Méon

Discussant: Hiroshi Fujiki

Session 6: BoE voting patterns. Chair: Anne Sibert
Taking Personalities out of Monetary Policy Decision Making? Interactions, Heterogeneity and Committee Decisions in the Bank of England's MPC / Arnab Bhattacharjee, and Sean Holly

Discussant: Beata K. Bierut

Outsiders at the Bank of England's MPC / Petra Gerlach-Kristen

Discussant: Christopher Spencer

Concluding remarks by Research director Øistein Røisland

Published 22 December 2006 14:54