A Decade of Dissent: Explaining the Dissent Voting Behavior of Bank of England MPC Members
نویسندگان
چکیده
We examine the dissent voting record of the Bank of England Monetary Policy Committee (MPC). Contrary to findings in the FOMC literature (for example Havrilesky and Schweitzer, 1990; Chappell, Havrilesky, and McGregor, 1993), the effects of members’ career backgrounds and the political channel of appointment on voting behavior are negligible, reflecting the distinct institutional constraints and incentives associated with UK monetary policy. Our findings also suggest that literature which characterizes voting behavior as being predominantly determined by members’ internal or external status is overly simplistic. This view is supported by econometric results appertaining to the introduction of member-specific fixed-effects, which account for possible unobserved heterogeneity.
منابع مشابه
Decade of dissent: explaining the dissent voting behavior of Bank of England MPC members
We examine the dissent voting record of the Bank of England Monetary Policy Committee (MPC) in its first decade. Probit estimates indicate the impact of career experience on dissent voting is negligible, whereas the impact of forecast inflation is pronounced. In addition to finding a role for dynamics, we also find a role for unobserved heterogeneity in the form of member-specific fixed-effects...
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