Picking the Brains of MPC Members

Riksbank Research Paper Series No. 68

Sveriges Riksbank Working Paper Series No. 237

36 Pages Posted: 29 May 2010

See all articles by Mikael Apel

Mikael Apel

Sveriges Riksbank - Monetary Policy Department

Carl Andreas Claussen

Sveriges Riksbank

Petra Lennartsdotter

Sveriges Riksbank - Monetary Policy

Date Written: January 1, 2010

Abstract

This paper reports and analyzes the results from a questionnaire sent to all present and former members of the Riksbank’s Executive Board, the monetary policy committee (MPC) of the Swedish central bank. The questions cover a number of issues discussed in the growing literature on monetary policy making by committees. The paper thus relates research to the views of practitioners in a way that has not been done before. We find, among other things, that many members consider the six-person strong Riksbank MPC to be slightly too large, that it is very common that members have decided before the policy meeting how they will vote, and that members, when forming their opinions, consider input from the staff more important than input from their colleagues.

Keywords: Monetary Policy Committee, Sveriges Riksbank, Questionnaire Study

JEL Classification: D71, E52, E58

Suggested Citation

Apel, Mikael and Claussen, Carl Andreas and Lennartsdotter, Petra, Picking the Brains of MPC Members (January 1, 2010). Riksbank Research Paper Series No. 68, Sveriges Riksbank Working Paper Series No. 237, Available at SSRN: https://ssrn.com/abstract=1601865 or http://dx.doi.org/10.2139/ssrn.1601865

Mikael Apel (Contact Author)

Sveriges Riksbank - Monetary Policy Department ( email )

S-103 37 Stockholm
Sweden

Carl Andreas Claussen

Sveriges Riksbank ( email )

Brunkebergstorg 11
SE-103 37 Stockholm
Sweden

Petra Lennartsdotter

Sveriges Riksbank - Monetary Policy ( email )

SE-103 37 Stockholm
Sweden

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