Oman: Banking Sector Resilience PDF (Adobe DRM) download by Pierluigi Bologna

Oman: Banking Sector Resilience

INTERNATIONAL MONETARY FUND
Publication date: March 2006
ISBN: 9781451982060
Digital Book format: PDF (Adobe DRM)

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This paper considers optimal communication by monetary policy committees in a model of imperfect knowledge and learning. The main policy implications are that there may be costs to central bank communication if the public is perpetually learning about the committee's decision-making process and policy preferences. When committee members have heterogeneous policy preferences, welfare is greater under majority voting than under consensus decision-making. Furthermore, central bank communication under majority voting is more likely to be beneficial in this case. It is also shown that a chairman with stable policy preferences who carries significant weight in the monetary policy decision-making process is welfare enhancing.
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