Harris, Mark and Spencer, Christopher (2008): Decade of dissent: explaining the dissent voting behavior of Bank of England MPC members.
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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, suggesting previous literature characterizing voting behavior as largely determined by whether members are appointed from within or outside the ranks of Bank of England staff (internal and external members respectively) is overly simplistic.
|Item Type:||MPRA Paper|
|Original Title:||Decade of dissent: explaining the dissent voting behavior of Bank of England MPC members|
|Keywords:||Bank of England, Monetary Policy Committee, career background effects, dissent voting, unobserved heterogeneity|
|Subjects:||D - Microeconomics > D7 - Analysis of Collective Decision-Making
E - Macroeconomics and Monetary Economics > E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit
C - Mathematical and Quantitative Methods > C3 - Multiple or Simultaneous Equation Models ; Multiple Variables > C35 - Discrete Regression and Qualitative Choice Models ; Discrete Regressors ; Proportions
|Depositing User:||Christopher Spencer|
|Date Deposited:||12. Jun 2008 05:41|
|Last Modified:||16. Feb 2013 12:16|
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