دانلود مقاله ISI انگلیسی شماره 47869
عنوان فارسی مقاله

ناهمگونی اولویت در از کشورهای CEE با هدفگذاری تورمی

کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
47869 2012 16 صفحه PDF سفارش دهید محاسبه نشده
خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
Preference heterogeneity in the CEE inflation-targeting countries
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : European Journal of Political Economy, Volume 28, Issue 4, December 2012, Pages 445–460

کلمات کلیدی
بانک مرکزی - کمیته سیاست پولی - هدف تورمی - تصمیم گیری جمعی - رای دادن - تنظیمات - رگرسیون مخلوط
پیش نمایش مقاله
پیش نمایش مقاله ناهمگونی اولویت در از کشورهای CEE با هدفگذاری تورمی

چکیده انگلیسی

The aim of this paper is to study preference heterogeneity in monetary policy committees of inflation-targeting (IT) countries in Central and Eastern Europe (CEE) during the period 2005–2010. It employs (individual) voting records of the Monetary Council of the Hungarian National Bank and of the Monetary Policy Council of the National Bank of Poland. Preference heterogeneity in committees is not directly observable. Therefore, we pursue an indirect measurement and conduct an econometric analysis based on (pooled) Taylor-type reaction functions estimated using real-time information on economic and financial indicators and voting records. Recent evidence for the monetary policy committees of advanced economies (see Besley et al., 2008 and Jung, 2011) suggests preference heterogeneity among its members is systematic. Unlike for monetary policy committees of advanced countries, the present paper finds preference heterogeneity to be random for both the members of the Monetary Policy Council of the National Bank of Poland (NBP), and the members of the Monetary Council of the Hungarian central bank (MNB). But, similar to the committees of advanced economies, the diversity of views on the inflation forecast is measurable in both committees. A separate cluster analysis shows that different preferences of MPC members may be attributable to their status (chairman, internal member, external member) and that members may also differ in their desired response to changes in the economic outlook.

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