Bierut, B.K.

committee member decision committee members policy interest skill interest rates voting board majority meeting result reserve probability communication information accuracy 0.5 position interaction state market more-skilled board members figure market operations change interest rate decision quality policy committees operation subgroup 1 2 effect decision-making outcome less-skilled level more-skilled committee members chapter voting rule economy paper group more-skilled members euro area policy committee less-skilled committee members proposition analysis decision rule expertise assumption condition proof model section example reserve maintenance period non-board period number non-board members maintenance 0.6 0.7 procedure interest rate evidence 0.8 appendix policy meeting maintenance period weight committee size forecast increase discussion individual