mardi 17 janvier 2017 : Le système sera arrêté pour permettre l'entretien régulier entre 7h30 et 7h45 (HNE). // Tuesday, January 17 2017 : The system will be going down for regular maintenance between 7:30 and 7:45 (EST) .
Voting records indicate that dissents in monetary policy committees are frequent
and predictability regressions show that they help forecast future policy decisions. In order to study whether the latter relation is causal, we construct a model of committee decision making and dissent where members' decisions are not a function of past
dissents. The model is estimated using voting data from the Bank of England and
the Riksbank. Stochastic simulations show that the decision-making frictions in our
model help account for the predictive power of current dissents. The effect of insti-
tutional characteristics and structural parameters on dissent rates is examined using
simulations as well.