2019
DOI: 10.2139/ssrn.3467955
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The Central Bank Governor and Interest Rate Setting by Committee

Abstract: This paper examines the role of central bank governors in monetary policy decisions taken by a committee. To carry out this analysis, we constructed a novel dataset of committee voting behaviour for six OECD countries for up to three decades. Using a range of Taylor-rule specifications, we show that a change in governor significantly affects the interest rate setting of the whole committee. We also observe systematic differences in the responsiveness to recent changes in the state of the economy based on the p… Show more

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References 38 publications
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