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1、PublicChoiceDOI10.1007/s11127-010-9597-6Adecadeofdissent:explainingthedissentvotingbehaviorofBankofEnglandMPCmembersMarkN.Harris·PaulLevine·ChristopherSpencerReceived:4June2008/Accepted:7January2010©SpringerScience+BusinessMedia,LLC2010AbstractWeexaminethediss
2、entvotingrecordoftheBankofEnglandMonetaryPol-icyCommittee.ContrarytofindingsintheFOMCliterature(forexampleHavrileskyandSchweitzerinThePoliticalEconomyofAmericanMonetaryPolicy,pp.197–210,1990;Chappelletal.inQ.J.Econ.108(1):185–218,1993),theeffectsofmembers’caree
3、rback-groundsandthepoliticalchannelofappointmentonvotingbehaviorarenegligible,re-flectingthedistinctinstitutionalconstraintsandincentivesassociatedwithUKmonetarypolicy.Ourfindingsalsosuggestthatliteraturewhichcharacterizesvotingbehaviorasbe-ingpredominantlydeter
4、minedbymembers’internalorexternalstatusisoverlysimplistic.Thisviewissupportedbyeconometricresultsappertainingtotheintroductionofmember-specificfixed-effects,whichaccountforpossibleunobservedheterogeneity.KeywordsBankofEngland·MonetaryPolicyCommittee·Careerbackgr
5、oundeffects·Dissentvoting·Appointmentchannels·Unobservedheterogeneity1IntroductionAneglectedaspectinthegrowingliteratureoninterestratesettingbytheBankofEng-landMonetaryPolicyCommittee(MPC),istheeffectofpoliticalinfluenceandconstituentM.N.HarrisDepartmentofEcono
6、metricsandBusinessStatistics,MonashUniversity,Clayton,Victoria3800,Australiae-mail:mark.harris@buseco.monash.edu.auP.LevineDepartmentofEconomics,UniversityofSurrey,Guildford,GU27XJ,UKe-mail:p.levine@surrey.ac.ukC.Spencer()DepartmentofEconomics,LoughboroughUni
7、versity,Leicestershire,LE113TU,UKe-mail:c.g.spencer@lboro.ac.ukPublicChoicegroupsonvotingbehavior,arisingeitherthroughtheappointmentsprocedureorasacon-sequenceofmembers’careerbackgrounds.ThisisincontrasttotheliteratureonFed-eralOpenMarketCommittee(FOMC)decisio
8、nmaking,wherethepolicychoicesofitsmembers,includingdissents,arenotonlyrigorouslymodeledasafunctionofthesechar-acteristics,butfoundtobeassociatedwithsuchfactorsineconometricestimati
