Friday, July 06, 2007

The Band of England website has a list of voting intentions of the MPC (1997 till now). I have analysed this data set and after some cleaning (of people with short record) I have derived the defections from the ultimate voting decision. I have neglected maintain rate defections as the intention is not totally clear. Stephen Nickel has accounted for most defections, 13 of which are to decrease rates, which makes him very lax on monetary policy. Willem Buiter disagreed in 47% of cases, so a real … Sir Edward George although being there in 74 meetings did never defect. The governor has accounted for most increase defections and thus proves to be a cautious central banker.

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