Browsing Norges Banks publikasjonsserier / Norges Bank publication series by Subject "JEL: D02"
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Overconfidence, Monetary Policy Committees and Chairman Dominance
(Working Papers;17/2009, Working paper, 2009)We suggest that overconfidence among policymakers explains why formal decision power over monetary policy is given to committees, while much of the real power to set policy remains with central bank chairmen. Overconfidence ...