skip to content

Faculty of Economics

Journal Cover

Bhattacharjee, A. and Holly, S.

Influence, interactions and heterogeneity: taking personalities out of monetary policy decision-making

Manchester School

Vol. 83(2) pp. 153-182 (2015)

Abstract: It is widely believed that setting monetary policy through a majority voting committee has major benefits. A monetary policy committee can take personalities out of monetary policy decisions. Critical to understanding these claims is an assessment of how such a committee functions. In this paper we examine interactions and influences between committee members when there is heterogeneity among members. We are able to identify significant interactions and directions of influence among Monetary Policy Committee members at the Bank of England.

Keywords: Monetary policy

JEL Codes: E42, E43, E50, E58, C31, C34

Author links: Sean Holly  

Publisher's Link: http://onlinelibrary.wiley.com/doi/10.1111/manc.12051/full



Papers and Publications



Recent Publications


Onatski, A. and Wang, C. Spurious Factor Analysis Econometrica [2021]

Elliott, M., Golub, B. and Leduc, M. V. Supply Network Formation and Fragility American Economic Review [2022]

Chen, C. Y.-H., Klochkov, Y. and Härdle, W. K. SONIC: SOcial Network analysis with Influencers and Communities Journal of Econometrics [2021]

Aidt, T. S., Albornoz, F. and Hauk, E. Foreign Influence and Domestic Policy Journal of Economic Literature [2021]