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Preference Heterogeneity in Monetary Policy Committees

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(1)2007-05. Preference Heterogeneity in Monetary Policy Committees RIBONI, Alessandro RUGE-MURCIA, Francisco J..

(2) Département de sciences économiques Université de Montréal Faculté des arts et des sciences C.P. 6128, succursale Centre-Ville Montréal (Québec) H3C 3J7 Canada http://www.sceco.umontreal.ca SCECO-information@UMontreal.CA Téléphone : (514) 343-6539 Télécopieur : (514) 343-7221. Ce cahier a également été publié par le Centre interuniversitaire de recherche en économie quantitative (CIREQ) sous le numéro 05-2007. This working paper was also published by the Center for Interuniversity Research in Quantitative Economics (CIREQ), under number 05-2007.. ISSN 0709-9231.

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(211) I=:H: G:HJAIH 6G: >CI:GG:A6I:9 7:86JH: 6 HJ7HI6CI>6A CJB7:G D; I=: ;DGB:G B:B7:GH 6G: :MI:GC6A 6EED>CI::H. '&$,*"'&*. /=>H E6E:G :MEAD>IH I=: KDI>C< G:8DG9H D; I=: )DC:I6GN ,DA>8N DBB>II:: ), D; I=: 6C@ D; !C<A6C9 ID HIJ9N EG:;:G:C8: =:I:GD<:C:>IN 6BDC< 8DBB>II:: B:B7:GH /=: 6C6ANH>H >H BDI>K6I:9 7N I=: :BE>G>86A D7H:GK6I>DCH I=6I 9>H6<G::B:CI >H ;G:FJ:CI L>I=>C I=: ), 6C9. ?B D85 3<1CC931D9?> ?6 %( =5=25BC 9> D5B=C ?6 31B55B 213;7B?E>4

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(213) C55 1<C? 5B<138 #B9CD5>  1>4 +@5>35B  . 35.

(214) 7N HJBB6GN HI6I>HI>8H G:EDGI:9 >C :6GA>:G A>I:G6IJG: L=>8= HJ<<:HI 9>:G:C8:H >C KDI>C< E6I I:GCH /=>H G:H:6G8= H=DLH I=6I

(215) >C FJ6A>I6I>K: I:GBH

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(218) 6H DC: LDJA9 :ME:8I $DL:K:G

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(220) ):B7:G #:DG<: '>C< (DB6M (6G<: /J8@:G :6C 6G@:G *>8@:AA AAHDEE :AA (6B7:GI J>I:G #DD9=6GI 1>8@:GH &JA>JH 269=L6C> ,A:C9:GA:>I= A:B:CI> DBB>II::. $  &!%)# *,$+*  * %$ +$* %$ % $*) %CI:G8:EI %C6I>DC 0C:BEADNB:CI !HI>B6I: H: !HI>B6I: H: !HI>B6I: H:                                                                                                                                                                                                                                              . AA B:B7:GH !MI:GC6A %CI:GC6A 869:B>8 ,G>K6I: 6C@.  $ , +" $ %## ** % $*) ( '+" %CI:G8:EI %C6I>DC 0C:BEADNB:CI                                      %## ** % $*) ( '+" *% *  $ %CI:G8:EI %C6I>DC 0C:BEADNB:CI      . AA B:B7:GH !MI:GC6A %CI:GC6A 869:B>8 ,G>K6I: 6C@. %CI:G8:EI            .

(221)   $ % $*) %C6I>DC 0C:BEADNB:CI                         35.  I:HI                                      .

(222) ):B7:G #:DG<: '>C< (DB6M (6G<: /J8@:G :6C 6G@:G *>8@:AA AAHDEE :AA (6B7:GI J>I:G #DD9=6GI 1>8@:GH &JA>JH 269=L6C> ,A:C9:GA:>I= A:B:CI> DBB>II::. $  ',*+&** !

(223)  #

(224)   * %$ +$* %$ % $*) %CI:G8:EI %C6I>DC 0C:BEADNB:CI !HI>B6I: H: !HI>B6I: H: !HI>B6I: H:                                                                                                                                                                                                                                                  . AA B:B7:GH !MI:GC6A %CI:GC6A 869:B>8 ,G>K6I: 6C@.  $ , +" $ %## ** % $*) ( '+" %CI:G8:EI %C6I>DC 0C:BEADNB:CI                                      %## ** % $*) ( '+" *% *  $ %CI:G8:EI %C6I>DC 0C:BEADNB:CI      . AA B:B7:GH !MI:GC6A %CI:GC6A 869:B>8 ,G>K6I: 6C@. %CI:G8:EI            .

(225)   $ % $*) %C6I>DC 0C:BEADNB:CI                         35.  I:HI                                      .

(226) ):B7:G #:DG<: '>C< (DB6M (6G<: /J8@:G :6C 6G@:G *>8@:AA AAHDEE :AA (6B7:GI J>I:G #DD9=6GI 1>8@:GH &JA>JH 269=L6C> ,A:C9:GA:>I= A:B:CI> DBB>II::. $  ',*+&** !  #

(227)   * %$ +$* %$ % $*) %CI:G8:EI %C6I>DC 0C:BEADNB:CI !HI>B6I: H: !HI>B6I: H: !HI>B6I: H:                                                                                                                                                                                                                                       . AA B:B7:GH !MI:GC6A %CI:GC6A 869:B>8 ,G>K6I: 6C@.  $ , +" $ %## ** % $*) ( '+" %CI:G8:EI %C6I>DC 0C:BEADNB:CI                                      %## ** % $*) ( '+" *% *  $ %CI:G8:EI %C6I>DC 0C:BEADNB:CI      . AA B:B7:GH !MI:GC6A %CI:GC6A 869:B>8 ,G>K6I: 6C@. %CI:G8:EI            .

(228)   $ % $*) %C6I>DC 0C:BEADNB:CI                         35.  I:HI                                      .

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(230)   $ % $*) %C6I>DC 0C:BEADNB:CI                         35.  I:HI                                      .

(231) %*) *% "" ") %CI:GC6A B:B7:GH 6G: #:DG<:

(232) '>C<

(233) (DB6M

(234) (6G<:

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(236) :6C

(237) 1>8@ :GH

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(239) :6C

(240) *>8@:AA

(241) AAHDEE

(242) J>I:G 6C9 1>8@:GH =6K: 6869:B>8 768@<GDJC9 (6G<:

(243) 6G@:G

(244) :AA

(245) (6B7:GI

(246) &JA>JH 6C9 A:B:CI> 8DB: ;GDB I=: EG>K6I: H:8IDG /=: G:B6>C>C< B:B7:GH =6K: 7::C 6C@ D; !C<A6C9 HI6 DG <DK:GCB:CI D8>6AH. .:: .E:C8:G  ;DG 699>I>DC6A 9:I6>AH. /=:. HJE:GH8G>EIH  6C9 9:CDI: I=: G:?:8I>DC D; I=: CJAA =NEDI=:H>H I=6I I=: IGJ: 8D:8>:CI >H O:GD 6I I=:  6C9  E:G 8:CI H><C>86C8: A:K:AH. 35.

(247) )&* 35 :A9:C

(248) .JH6C

(249) 

(250) 4,DA>8N ,G:;:G:C8:H D; "+) ):B7:GH 6H -:K:6A:9 7N >H:CI>C< 1DI:H

(251)  %+($" % %$/ ( * $ $! $ 

(252) EE   35 =6EE:AA

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(254) -D7 -DN )8#G:<DG

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(256) 

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(261) 

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(270) 

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(275) ,:IG6

(276) 

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(278)  $ *(" $! $ 

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(280) &D=C 

(281) 

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(283)  >C  %" * " %$%#/ % #( $ %$*(/ %" /

(284) /=DB6H )6N:G :9

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(287) / 6C9 & )>AND

(288) 

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(291)  0(

(292) )>B:D 35 $6KG>A:H@N

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(294) 

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(296)  >C  %" * " %$%#/ % #( $ %$*(/ %" /

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(300) /=DB6H ) 6C9 &D=C  #>A9:6

(301) 

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(303)  %+($" % %$/ ( * $. $! $ 

(304) EE   35 )86AAJB

(305) :CC:II 6C9 !9L6G9 *:AHDC

(306) 

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(308)  %+($" % %$/ ( * $ $! $ 

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(310) 35 ):69:

(311) !AA:C 6C9 *6I=6C .=::IH

(312)  4-:<>DC6A %CJ:C8:H DC "+) 1DI>C< ,6I I:GCH

(313)  %+($" % %$/ ( * $ $! $ 

(314) EE   35 .:>9B6CC

(315) 6C>:A

(316) 

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(318)  *DII>C<=6B 0C>K:GH>IN

(319) )>B:D 35 .E:C8:G

(320) =G>HIDE=:G

(321) 

(322) 4/=: >HH:CI 1DI>C< 6=6K>DJG D; 6C@ D; !C<A6C9 ), ):B7:GH

(323)  0C>K:GH>IN D; .JGG:N

(324) >H8JHH>DC ,6E:G  35 /DDI:AA

(325) #:DG:N ) 

(326) 

(327) 42=DH: )DC:I6GN ,DA>8N %H %I CNL6N %+($" % %$*(/ %$%# ) 

(328) EE   35 /DDI:AA

(329) #:DG:N ) 

(330) 

(331) 4G: >HIG>8I ,G:H>9:CIH )DG: DCH:GK6I>K: I=6C D6G9 #DK:GCDGH - $"$ %$%#  , - EE  . 35.

(332) Figure 1: Reaction Function Coefficients.

(333) Figure 2: Relation with Benchmark Coefficients.

(334)

Figure

Figure 1: Reaction Function Coefficients
Figure 2: Relation with Benchmark Coefficients

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