@article{Improvement?:1405,
      recid = {1405},
      author = {Maier, Philipp},
      title = {Monetary Policy Committees in Action: Is There Room for  Improvement?},
      publisher = {Bank of Canada},
      address = {2007},
      pages = {1 online resource (iii, 31 pages)},
      abstract = {More than 80 central banks use a committee to take  monetary policy decisions. The composition of the committee  and the structure of the meeting can affect the quality of  the decision making. In this paper we review economic,  experimental, sociological and psychological studies to  identify criteria for the optimal institutional setting of  a monetary committee. These include the optimal size of the  committee, measures to encourage independent thinking, a  relatively informal structure of the meeting, and abilities  to identify and evaluate individual members' performances.  Using these criteria, we evaluate the composition and  operation of monetary policy committees in various central  banks. Our findings indicate that e.g. the monetary policy  committee of the Bank of England follows committee  best-practice, while the committee structure of other major  central banks could be improved.},
      url = {http://www.oar-rao.bank-banque-canada.ca/record/1405},
      doi = {https://doi.org/10.34989/swp-2007-6},
}