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of the London School of Economics, and in particular Richard Jackman. We

By Clare Lombardelli, James Proudman, James Talbot, Bank Of England, Alex Golledge and Richard Geare

Abstract

We report the results of an experimental analysis of monetary policy decision making under uncertainty. A large sample of economics students played a simple monetary policy game, both as individuals and in committees of five players. Our findings—that groups make better decisions than individuals—accord with previous work by Blinder and Morgan. We also attempt to establish why this is so. Some of the improvement is related to the ability of committees to strip out the effect of bad play, but there is a significant additional improvement, which we associate with players learning from each other’s interest rate decisions

Year: 2013
OAI identifier: oai:CiteSeerX.psu:10.1.1.322.140
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