Inferring Hawks and Doves from Voting Records

European Banking Center Discussion Paper No. 2013-004

CentER Discussion Paper Series No. 2013-024

31 Pages Posted: 9 Apr 2013 Last revised: 24 Jun 2013

See all articles by Sylvester C. W. Eijffinger

Sylvester C. W. Eijffinger

Tilburg University (CentER) - Department of Economics; CESifo (Center for Economic Studies and Ifo Institute); Centre for Economic Policy Research (CEPR)

Ronald Mahieu

Tilburg University - Center for Economic Research, Econometrics and Finance Group; TiasNimbas Business School

Louis Raes

Tilburg University; Tilburg University - European Banking Center

Multiple version iconThere are 2 versions of this paper

Date Written: April 9, 2013

Abstract

We analyze revealed policy preferences in monetary policy committees. From the voting records of the Bank of England we estimate the policy preferences with spatial models of voting. We analyze systematic patterns in these policy preferences. We nd that internal committee members tend to hold centrist policy preferences while pronounced policy preferences are generally held by external members. Committee members with a career in academia and the industry hold more diverse policy preferences whereas committee members with central bank experience exhibit little heterogeneity in preferences. The median voter does not vary systematically according to career background.

Keywords: Voting records, Central Banking, Committees, Ideal points

JEL Classification: E58, E59, C11

Suggested Citation

Eijffinger, Sylvester C. W. and Mahieu, Ronald J. and Raes, Louis, Inferring Hawks and Doves from Voting Records (April 9, 2013). European Banking Center Discussion Paper No. 2013-004. Available at SSRN: https://ssrn.com/abstract=2247245 or http://dx.doi.org/10.2139/ssrn.2247245

Sylvester C. W. Eijffinger

Tilburg University (CentER) - Department of Economics ( email )

P.O. Box 90153
Tilburg, 5000 LE
Netherlands
+31 13 466 2411 (Phone)
+31 13 466 3042 (Fax)

CESifo (Center for Economic Studies and Ifo Institute)

Poschinger Str. 5
Munich, DE-81679
Germany

HOME PAGE: http://www.CESifo.de

Centre for Economic Policy Research (CEPR)

London
United Kingdom

Ronald J. Mahieu

Tilburg University - Center for Economic Research, Econometrics and Finance Group ( email )

P.O. Box 90153
Tilburg, 5000 LE
Netherlands
+31 13 466 2430 (Phone)
+31 13 466 3280 (Fax)

HOME PAGE: http://center.uvt.nl/staff/mahieu/

TiasNimbas Business School ( email )

Warandelaan 2
Tilburg, North-Brabant 5071HS
Netherlands

Louis Raes (Contact Author)

Tilburg University ( email )

P.O. Box 90153
Tilburg, DC 5000 LE
Netherlands

Tilburg University - European Banking Center ( email )

PO Box 90153
Tilburg, 5000 LE
Netherlands

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