Do appointing institutions influence monetary policy? Evidence from voting patterns in the Polish Monetary Policy Council

IF 2.4 3区经济学 Q2 ECONOMICS

European Journal of Political Economy Pub Date : 2025-07-02 DOI:10.1016/j.ejpoleco.2025.102721

Jan Fałkowski, Jacek Lewkowicz, Łukasz Hardt, Bartosz Słysz

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Abstract

The main aim of the study is to analyse the extent to which the monetary-policy views of the Monetary Policy Council (MPC) members vary along institutional channels of appointment. To this end, we investigate the voting records of the Polish MPC over the period 1998–2022, taking advantage of the fact that in Poland all MPC members, except the chairman, are appointed in equal numbers by the President and the two houses of parliament (the Sejm and the Senate). We document that members appointed by the same institution are more likely to vote in the same way, than those appointed by different institutions. This pattern indicates that the appointing institution plays a role in shaping voting behaviour. In line with this, our results suggest that having separate appointing institutions promotes a diversity of views regarding the optimal level of interest rates. Appointees of the Sejm emerge as the most dovish and relatively often contribute to the winning coalition in close vote tallies.

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任命机构会影响货币政策吗？来自波兰货币政策委员会投票模式的证据

这项研究的主要目的是分析货币政策委员会（MPC）成员的货币政策观点在多大程度上随着任命的制度渠道而变化。为此，我们调查了波兰货币政策委员会在1998年至2022年期间的投票记录，利用了波兰所有货币政策委员会成员（主席除外）由总统和议会两院（众议院和参议院）任命的事实。我们记录了由同一机构任命的成员比由不同机构任命的成员更有可能以相同的方式投票。这种模式表明，任命机构在塑造投票行为方面发挥了作用。与此相一致的是，我们的研究结果表明，单独的任命机构促进了对最佳利率水平的不同看法。被任命的众议院议员是最温和的，在票数接近的情况下，他们往往会为获胜的联盟做出贡献。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

European Journal of Political Economy Multiple-

CiteScore

3.40

自引率

10.00%

发文量

106

期刊介绍： The aim of the European Journal of Political Economy is to disseminate original theoretical and empirical research on economic phenomena within a scope that encompasses collective decision making, political behavior, and the role of institutions. Contributions are invited from the international community of researchers. Manuscripts must be published in English. Starting 2008, the European Journal of Political Economy is indexed in the Social Sciences Citation Index published by Thomson Scientific (formerly ISI).