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    A decade of dissent: explaining the dissent voting behavior of Bank of England MPC members

    Access Status
    Fulltext not available
    Authors
    Harris, Mark
    Levine, P.
    Spencer, C.
    Date
    2011
    Type
    Journal Article
    
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    Citation
    Harris, M. and Levine, P. and Spencer, C. 2011. A decade of dissent: explaining the dissent voting behavior of Bank of England MPC members. Public Choice. 146: pp. 413-442.
    Source Title
    Public Choice
    ISSN
    0048-5829
    URI
    http://hdl.handle.net/20.500.11937/13285
    Collection
    • Curtin Research Publications
    Abstract

    We examine the dissent voting record of the Bank of England Monetary PolicyCommittee. Contrary to findings in the FOMC literature (for example Havrilesky andSchweitzer in The Political Economy of American Monetary Policy, pp. 197–210, 1990;Chappell et al. in Q. J. Econ. 108(1):185–218, 1993), the effects of members’ career backgroundsand the political channel of appointment on voting behavior are negligible, reflectingthe distinct institutional constraints and incentives associated with UK monetarypolicy. Our findings also suggest that literature which characterizes voting behavior as beingpredominantly determined by members’ internal or external status is overly simplistic.This view is supported by econometric results appertaining to the introduction of memberspecificfixed-effects, which account for possible unobserved heterogeneity.

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