Hix, Simon and Høyland, Bjørn and Vivyan, Nick (2010) 'From doves to hawks : a spatial analysis of voting in the Monetary Policy Committee of the Bank of England.', European journal of political research., 49 (6). pp. 731-758.
Abstract
This article examines the making of monetary policy in the United Kingdom between 1997 and 2008 by analysing voting behaviour in the Bank of England's Monetary Policy Committee (MPC). It provides a new set of measures for the monetary policy preferences of individual MPC members by estimating a Bayesian item response model. The article demonstrates the usefulness of these measures by comparing the ideal points of outgoing MPC members with their successors and by looking at changes over time in the median ideal point on the MPC. The analysis indicates that the British Government has been able to move the position of the median voter on the MPC through its appointments to the Committee. This highlights the importance of central bank appointments for monetary policy.
| Item Type: | Article |
|---|---|
| Full text: | (AM) Accepted Manuscript Download PDF (653Kb) |
| Status: | Peer-reviewed |
| Publisher Web site: | http://dx.doi.org/10.1111/j.1475-6765.2010.01916.x |
| Publisher statement: | This is the accepted version of the following article: Hix, Simon, Høyland, Bjørn & Vivyan, Nick (2010), From doves to hawks: A spatial analysis of voting in the Monetary Policy Committee of the Bank of England. European Journal of Political Research, 49(6): 731-75, which has been published in final form at http://dx.doi.org/10.1111/j.1475-6765.2010.01916.x. This article may be used for non-commercial purposes in accordance With Wiley Terms and Conditions for self-archiving. |
| Date accepted: | No date available |
| Date deposited: | 06 May 2016 |
| Date of first online publication: | October 2010 |
| Date first made open access: | No date available |
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