Please use this identifier to cite or link to this item:
Full metadata record
DC FieldValueLanguage
dc.contributor.authorDow, Sheilaen_UK
dc.contributor.authorKlaes, Matthiasen_UK
dc.contributor.authorMontagnoli, Albertoen_UK
dc.contributor.editorHein, Een_UK
dc.contributor.editorNiechoj, Ten_UK
dc.contributor.editorStockhammer, Een_UK
dc.description.abstractWith the increasing attention to how monetary policy is communicated has come a focus on the scope for diverse messages to arise from the committee making the decision. While the existing literature sees the source of such diversity in relation to a ‘correct’ decision based on one ‘true’ model, we explore the implications of diversity as being instead the norm within a pluralist approach to knowledge. By considering judgement as the core of decision-making and uncertainty as conditioning judgement, we develop a theory of decision-making by committee under uncertainty. Our case study is the Monetary Policy Committee of the Bank of England. We conclude with a hypothesis about the tendency to policy inaction in different circumstances, notably where there are confident but conflicting judgements within the committee, on the one hand, and where there is agreement that a high level of uncertainty clouds judgement, on the other. This contrasts with the conventional association of diversity of MPC opinion with uncertainty (both as cause and effect).en_UK
dc.relationDow S, Klaes M & Montagnoli A (2009) Variety of economic judgement and monetary policy-making by committee. In: Hein E, Niechoj T & Stockhammer E (eds.) Macroeconomic Policies on Shaky Foundations: Whither Mainstream Economics?. Series of studies of the Research Network Macroeconomics and Macroeconomic Policies (FMM), 12. Marburg, Germany: Metropolis-Verlag, pp. 331-349.
dc.relation.ispartofseriesSeries of studies of the Research Network Macroeconomics and Macroeconomic Policies (FMM), 12en_UK
dc.rightsThe publisher has granted permission for use of this work in this Repository. Published in Macroeconomic Policies on Shaky Foundations: Whither Mainstream Economics? by Metropolis-Verlag:
dc.titleVariety of economic judgement and monetary policy-making by committeeen_UK
dc.typePart of book or chapter of booken_UK
dc.type.statusAM - Accepted Manuscripten_UK
dc.citation.btitleMacroeconomic Policies on Shaky Foundations: Whither Mainstream Economics?en_UK
dc.publisher.addressMarburg, Germanyen_UK
dc.contributor.affiliationKeele Universityen_UK
rioxxterms.typeBook chapteren_UK
local.rioxx.authorDow, Sheila|0000-0001-9969-197Xen_UK
local.rioxx.authorKlaes, Matthias|en_UK
local.rioxx.authorMontagnoli, Alberto|en_UK
local.rioxx.projectInternal Project|University of Stirling|
local.rioxx.contributorHein, E|en_UK
local.rioxx.contributorNiechoj, T|en_UK
local.rioxx.contributorStockhammer, E|en_UK
local.rioxx.filename2009 dow-klaes-montagnoli pre-publication.pdfen_UK
Appears in Collections:Economics Book Chapters and Sections

Files in This Item:
File Description SizeFormat 
2009 dow-klaes-montagnoli pre-publication.pdfFulltext - Accepted Version82.03 kBAdobe PDFView/Open

This item is protected by original copyright

Items in the Repository are protected by copyright, with all rights reserved, unless otherwise indicated.

The metadata of the records in the Repository are available under the CC0 public domain dedication: No Rights Reserved

If you believe that any material held in STORRE infringes copyright, please contact providing details and we will remove the Work from public display in STORRE and investigate your claim.