What do MPC members think?

 Mikael Apel, Carl Andreas Claussen and  Petra Lennartsdotter of Riksbank have written a nice insightful paper. Thanks to Alan Blinder, we have large volume of emerging literature on how monetary policy committees have evolved, are organised now etc.

This paper interviews Riksbank’s MPC members themselves on the various MPC and economic issues.

This paper reports and analyzes the results from a questionnaire sent to all present and former members of the Riksbank’s Executive Board, the monetary policy committee (MPC) of the Swedish central bank. The questions cover a number of issues discussed in the growing literature on monetary policy making by committees. The paper thus relates research to the views of practitioners in a way that has not been done before.

We find, among other things, that many members consider the six-person strong Riksbank MPC to be slightly too large, that it is very common that members have decided before the policy meeting how they will vote, and that members, when forming their opinions, consider input from the staff more important than input from their colleagues.

So hearing it from the horse’s mouth. A nice paper with many references on the issues as well.

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