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Theoretical studies and empirical evidence suggest that an optimal
committee consists of roughly 5-9 members, although this result may
vary somewhat under specific circumstances. This paper develops a
conceptual model for the case of a monetary policy committee (MPe.
The main conclusions are that (i) MPC size varies according to the
size of the monetary zone and overall economic stability; (ii) for
large monetary zones (EMU, USA, Japan), MPC size is close to the
estimated optimal level; and (iii) in several countries, MPC size
is considerably misaligned. Our model is backed by econometric
evidence using a 2006 survey for 85 countries, which is available
on the Web for further research.
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