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The article aims at surveying the economic literature related to collective decision making. In order to do so it proposes a coherent framework allowing for a structured analysis of the factors influencing the works of a committee. These factors are divided into external ( shaped outside of the committee e.g. by law) and internal ones (related to the composition of the committee and interactions between its members). The survey of the general economic literature related to collective decision making presented within the proposed framework yields interesting suggestions for further research, including the consequences for the shape of monetary policy committees. ; Artykuł ma na celu dokonanie przeglądu literatury ekonomicznej z zakresu kolektywnego podejmowania decyzji. W tym celu zaproponowano ramy pozwalające na ustrukturyzowaną analizę czynników wpływających na pracę organu kolektywnego (rady). Dokonano podziału tych czynników na zewnętrzne (tzn. kształtowane poza samą radą, np. przez wymogi prawne) oraz wewnętrzne (związane ze składem rady oraz interakcjami między jej członkami). Dokonany w ramach zaproponowanej struktury przegląd literatury ogólnoekonomicznej dotyczącej kolektywnego podejmowania decyzji pozwala na zaproponowanie interesujących kierunków dalszych badań, w tym konsekwencji dla kształtu rad polityki pieniężnej.

The article aims at surveying the economic literature related to collective decision making. In order to do so it proposes a coherent framework allowing for a structured analysis of the factors influencing the works of a committee. These factors are divided into external ( shaped outside of the committee e.g. by law) and internal ones (related to the composition of the committee and interactions between its members). The survey of the general economic literature related to collective decision making presented within the proposed framework yields interesting suggestions for further research, including the consequences for the shape of monetary policy committees. ; Artykuł ma na celu dokonanie przeglądu literatury ekonomicznej z zakresu kolektywnego podejmowania decyzji. W tym celu zaproponowano ramy pozwalające na ustrukturyzowaną analizę czynników wpływających na pracę organu kolektywnego (rady). Dokonano podziału tych czynników na zewnętrzne (tzn. kształtowane poza samą radą, np. przez wymogi prawne) oraz wewnętrzne (związane ze składem rady oraz interakcjami między jej członkami). Dokonany w ramach zaproponowanej struktury przegląd literatury ogólnoekonomicznej dotyczącej kolektywnego podejmowania decyzji pozwala na zaproponowanie interesujących kierunków dalszych badań, w tym konsekwencji dla kształtu rad polityki pieniężnej.

1. Conceptualizing Europeanization : theoretical approaches and research designs / Krzysztof Wach -- 2. Europeanization of public policies : myths and paradoxes / Rafał Riedel -- 3. Europeanization of urban governance : definitions, dimensions and perspectives / Aldona Wiktorska-Święcka -- 4. Europeanization of industrial policy : towards re-industrialization? / Adam A. Ambroziak -- 5. Europeanization of entrepreneurship and SME policy : challenges and opportunities / Maria Urbaniec -- 6. Europeanization of research and innovation policies : big achievements but still a lot to do / Anita Pelle -- 7. Europeanization of R&D and innovation policies : what has the membership changed? / Maja Bučar -- 8. Europeanization of financial regulations after the crisis / Jakub Janus and Piotr Stanek -- 9. Internationalization, competiveness and green building certification in Europe / Michał Głuszak -- 10. Europeanization of the energy policy within the European Union's system of governance / Joanna Dyduch -- 11. Common agricultural policy as the result and instrument of Europeanization processes / Małgorzata Michalewska-Pawlak

We demonstrate that even though during WWII the interest rate was close to zero supporting the financing of the military effort, dissent inside the FOMC occurred with a similar frequency to other policy episodes. Our analysis highlights that the debates which resulted in dissents turned around two broad issues: the size of the Fed's balance sheet as well as the functioning of and communication with financial markets. Thus, we argue that the conventional view depicting the Fed as merely accommodating treasury needs should be revised. Our detailed investigation of dissents emphasises the modernity of the objections raised by Fed officials.

We demonstrate that even though during WWII the interest rate was close to zero supporting the financing of the military effort, dissent inside the FOMC occurred with a similar frequency to other policy episodes. Our analysis highlights that the debates which resulted in dissents turned around two broad issues: the size of the Fed's balance sheet as well as the functioning of and communication with financial markets. Thus, we argue that the conventional view depicting the Fed as merely accommodating treasury needs should be revised. Our detailed investigation of dissents emphasises the modernity of the objections raised by Fed officials.

We demonstrate that even though during WWII the interest rate was close to zero supporting the financing of the military effort, dissent inside the FOMC occurred with a similar frequency to other policy episodes. Our analysis highlights that the debates which resulted in dissents turned around two broad issues: the size of the Fed's balance sheet as well as the functioning of and communication with financial markets. Thus, we argue that the conventional view depicting the Fed as merely accommodating treasury needs should be revised. Our detailed investigation of dissents emphasises the modernity of the objections raised by Fed officials.

SummaryThis paper examines the influence of the biographical experience of monetary policy committee members on their performance in managing inflation and output volatility. Our sample covers major OECD countries in the 1999 to 2010 period. Using data envelopment analysis, we study the efficiency of monetary policy committees. Then, we look at the determinants of these performances. The results in particular show that (i) in crisis times, a smaller committee is more efficient, (ii) policymakers' background influence the performance, with a positive role for committee members coming from academia, central banks and the financial sector, although the latter lost their edge during the Great Recession. It is also shown that some committees have reduced the inefficiency created by the crisis more rapidly than others.

We analyse the international transmission of interest rates by focusing on the role of the accumulation of international reserves and on the financing of sovereign debt. An increase in foreign exchange reserves is expected to moderate the influence of U.S. interest rates. However, a high level of government debt raises the sovereign risk premium. Moreover, an increase in the stock of government debt denominated in foreign currency may increase the expected rate of depreciation of the domestic currency. We explain the theoretical mechanisms in a model, which describes the money market equilibrium in an economy with capital account openness. Then, we test the predictions of the model for a panel of advanced and developing economies over the period 1970-2018. Our main findings are: i) significant spillovers from the U.S. interest rates to other countries, mostly for Advanced Economies; ii) a dampening effect of the share of external liabilities in the domestic currency, clearly a determinant of risk premium; iii) a negative effect of international reserves on interest rates, as expected; iv) higher reserves decrease risk premia, for long-term interest rates; v) the significance of spillovers fades once the sovereign debt reaches 100% of GDP in developed countries. ; info:eu-repo/semantics/publishedVersion

We analyse the international transmission of interest rates by focusing on the role of the accumulation of international reserves and on the financing of sovereign debt. An increase in foreign exchange reserves is expected to moderate the influence of U.S. interest rates. However, a high level of government debt raises the sovereign risk premium. Moreover, an increase in the stock of government debt denominated in foreign currency may increase the expected rate of depreciation of the domestic currency. We explain the theoretical mechanisms in a model, which describes the money market equilibrium in an economy with capital account openness. Then, we test the predictions of the model for a panel of advanced and developing economies over the period 1970-2018. Our main findings are: i) significant spillovers from the U.S. interest rates to other countries, mostly for Advanced Economies; ii) a dampening effect of the share of external liabilities in the domestic currency, clearly a determinant of risk premium; iii) a negative effect of international reserves on interest rates, as expected; iv) higher reserves decrease risk premia, for long-term interest rates; v) the significance of spillovers fades once the sovereign debt reaches 100% of GDP in developed countries.