Monetary Policy Committees: Individual and Collective Reputations
研究货币政策委员会成员在集体决策中建立反通胀声誉的激励，发现集体决策能提高预期社会福利，但不公开个人投票会加剧通胀倾向。
This paper looks at the incentives of individual members of a monetary policy committee to gain a reputation for inflationary toughness. I show a policy maker can have more or less incentive to build a reputation when part of a group. But, group policy making leads to higher expected social welfare. Not publishing individuals’ votes, raises the temptation to inflate and lowers expected social welfare. If the culture or rules of a central bank puts more weight on senior policy makers, the incentive to build a reputation is greater, but expected social welfare may be higher or lower.