Uncertainty and the Bank of England's MPC
We investigate how recently developed measures of uncertainty affect the voting behavior of individual Bank of England Monetary Policy Committee (MPC) members. To determine the precise impact of uncertainty on individual policymakers, we estimate the standard errors of member-specific parameters in...
| Main Authors: | , , , |
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| Format: | Journal Article |
| Language: | English |
| Published: |
WILEY
2021
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| Subjects: | |
| Online Access: | http://hdl.handle.net/20.500.11937/86467 |
| _version_ | 1848764830430789632 |
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| author | Chappell, H.W. Greene, William Harris, Mark Spencer, C. |
| author_facet | Chappell, H.W. Greene, William Harris, Mark Spencer, C. |
| author_sort | Chappell, H.W. |
| building | Curtin Institutional Repository |
| collection | Online Access |
| description | We investigate how recently developed measures of uncertainty affect the voting behavior of individual Bank of England Monetary Policy Committee (MPC) members. To determine the precise impact of uncertainty on individual policymakers, we estimate the standard errors of member-specific parameters in a random parameters ordered probit framework. We find that uncertainty is typically associated with voting to ease the policy stance. The Bank of England's in-house uncertainty index plays a prominent role in driving voting behavior. Based on this measure, the MPC emerges as a diverse group of activist risk managers. |
| first_indexed | 2025-11-14T11:25:35Z |
| format | Journal Article |
| id | curtin-20.500.11937-86467 |
| institution | Curtin University Malaysia |
| institution_category | Local University |
| language | English |
| last_indexed | 2025-11-14T11:25:35Z |
| publishDate | 2021 |
| publisher | WILEY |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | curtin-20.500.11937-864672021-11-26T06:44:35Z Uncertainty and the Bank of England's MPC Chappell, H.W. Greene, William Harris, Mark Spencer, C. Social Sciences Business, Finance Economics Business & Economics monetary policy random parameters uncertainty voting MONETARY-POLICY OUTSIDERS POWER We investigate how recently developed measures of uncertainty affect the voting behavior of individual Bank of England Monetary Policy Committee (MPC) members. To determine the precise impact of uncertainty on individual policymakers, we estimate the standard errors of member-specific parameters in a random parameters ordered probit framework. We find that uncertainty is typically associated with voting to ease the policy stance. The Bank of England's in-house uncertainty index plays a prominent role in driving voting behavior. Based on this measure, the MPC emerges as a diverse group of activist risk managers. 2021 Journal Article http://hdl.handle.net/20.500.11937/86467 10.1111/jmcb.12854 English WILEY restricted |
| spellingShingle | Social Sciences Business, Finance Economics Business & Economics monetary policy random parameters uncertainty voting MONETARY-POLICY OUTSIDERS POWER Chappell, H.W. Greene, William Harris, Mark Spencer, C. Uncertainty and the Bank of England's MPC |
| title | Uncertainty and the Bank of England's MPC |
| title_full | Uncertainty and the Bank of England's MPC |
| title_fullStr | Uncertainty and the Bank of England's MPC |
| title_full_unstemmed | Uncertainty and the Bank of England's MPC |
| title_short | Uncertainty and the Bank of England's MPC |
| title_sort | uncertainty and the bank of england's mpc |
| topic | Social Sciences Business, Finance Economics Business & Economics monetary policy random parameters uncertainty voting MONETARY-POLICY OUTSIDERS POWER |
| url | http://hdl.handle.net/20.500.11937/86467 |