モリモト　ケイイチ   MORIMOTO KEIICHI   盛本　圭一    所属   明治大学  政治経済学部    職種   専任准教授
言語種別	英語
発行・発表の年月	2009/12
形態種別	その他
標題	Optimal structure of monetary policy committees
執筆形態	単著
掲載誌名	GCOE Discussion Paper Series
掲載区分	国内
出版社・発行元	Osaka University
巻・号・頁	106
著者・共著者	Keiichi Morimoto
概要	This paper explores an optimal personnel organization problem of monetary policy committees. First, I construct an analytically tractable model for monetary policy analysis which starts from decision-making in the monetary policy committee. Using the model, I investigate the relationship between preference heterogeneity among the committee members and the optimal structure of the monetary policy committee. The result shows that it is optimal in general cases to appoint not only inflation-minded (hawkish) persons but also output-minded (dovish) persons. This is a theoretical justification for the fact that the actual monetary policy committees (e.g., MPC of Bank of England and FOMC) usually consist of both type members as the empirical researches suggest. It also explains why the committees have replaced the single policy makers in the actual central banks.