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Much literature on political behavior treats politicians as motivated by reelection, choosing actions to signal their types to voters. We identify two novel implications of models in which signalling incentives are impor...Read more...
Francesco Caselli, Tom Cunningham, Massimo Morelli and Inés Moreno de Barreda
9 February 2012
We first establish that policymakers on the Bank of England's Monetary Policy Committee choose lower interest rates with experience. We then reject increasing confidence in private information or learning about the struc...Read more...
Stephen Hansen and Michael McMahon
12 September 2011
The use of independent committees for the setting of interest rates, such as the Monetary Policy Committee (MPC) at the Bank of England, is quickly becoming the norm in developed economies. In this paper we examine the i...Read more...
Stephen Hansen and Michael F. McMahon