Monetary policy by committee: Why and how?

Research output: Contribution to journalArticlepeer-review

101 Scopus citations


Monetary policy committees can reach decisions either individualistically (i.e., through voting) or collegially. Committees are neither inherently more nor less transparent than individuals. Most of the advantages of group (over individual) decision-making point to the superiority of genuinely collegial or individualistic committees. One potential disadvantage of an individualistic committee, however, is that it may confuse outside observers by speaking with too many voices. The best ways of communicating with markets and the general public differ between individual central bank governors acting alone and policy committees, and across different types of committees. When it comes to transparency, one size does not fit all.

Original languageEnglish (US)
Pages (from-to)106-123
Number of pages18
JournalEuropean Journal of Political Economy
Issue number1
StatePublished - Mar 2007

All Science Journal Classification (ASJC) codes

  • Economics and Econometrics
  • Political Science and International Relations


  • Central bank communication
  • Monetary policy committees
  • Transparency


Dive into the research topics of 'Monetary policy by committee: Why and how?'. Together they form a unique fingerprint.

Cite this