Governing Council Members Research Articles

Canadian Interest Rate Setting: The Information Content of Canadian and U.S. Central Bank Communication

We explain Canadian target rate decisions using macroeconomic variables as well as Bank of Canada and Federal Reserve communication indicators. Econometrically, we employ an ordered probit model of a Taylor rule to explain and predict 60 target rate decisions between 1998 and 2006. We find that communications, especially speeches and testimony by Canadian Governing Council members, provide a significant and robust explanation of Canadian target rate decisions. However, prior to the introduction of fixed announcement dates, Canadian communications contained more information on upcoming policy moves. Finally, communications by the U.S. Federal Reserve Bank—which are much more frequent—outperform our Canadian communication indicators in explaining Canadian interest rate decisions.

European monetary policy and the ECB rotation model

This paper analyses the voting power of individual members of the ECB Governing Council and, in particular, that of the Executive Board in the light of recent information published by the ECB. Using the randomization scheme based on the multilinear extension of games, we modify the standard analysis in three ways. First, we include heterogeneous preferences of the Governing Council members. Second, we address the agenda-setting power of the ECB president. Third, we take into account the dynamic decision setting. We show that the rotation model is able to stabilize the position of the core countries of the euro area.

An Area-Wide Real-Time Database for the Euro Area

This paper describes how we constructed a real time database for the euro area covering more than 200 series regularly published in the European Central Bank Monthly Bulletin, as made available ahead of publication to the Governing Council members before their first meeting of the month. We describe the database in details and study the properties of the euro area real-time data flow and data revisions, also providing comparisons with the United States and Japan. We finally illustrate how such revisions can contribute to the uncertainty surrounding key macroeconomic ratios and the NAIRU.

An Area-Wide Real-Time Database for the Euro Area

This paper describes how we constructed a real-time database for the euro area covering more than 200 series regularly published in the European Central Bank Monthly Bulletin, as made available ahead of publication to the Governing Council members before their first meeting of the month. We describe the database in details and study the properties of the euro area real-time data flow and data revisions, also providing comparisons with the United States and Japan. We finally illustrate how such revisions can contribute to the uncertainty surrounding key macroeconomic ratios and the NAIRU.

Running an enlarged euro-zone – reforming the European Central Bank: Efficiency, legitimacy and national economic interest

ABSTRACT This article analyses the December 2002 reform of decision making in the European Central Bank's (ECB) Governing Council in terms of national economy size reflected in the bargaining power of the ECB Governing Council members and member state macroeconomic interest. The National Central Bank (NCB) governors of the largest member states were concerned about the impact upon ECB monetary policy making of equal representation being extended to future member states. By eliminating equal voting rights, the reform distorts the meaning of equality, representativeness and ad personam participation as guiding principles of ECB decision making, moving from equal member state representation towards an emphasis placed upon Euro-zone economy representation. At the same time, two possible concerns watered down efforts to modify ‘representativeness’ and prevent enlargement contributing to inefficiency in Governing Council decision making. First, the current smaller member state NCB governors opposed a significant reduction of their ‘voice’ in ECB monetary policy making. Second, legitimacy concerns ensured persistent support for the maintenance of a large and ‘decentralised’ Governing Council.

Work-based learning: a leadership development example from an action research study of shared governance implementation

An empowering action research study was undertaken to evaluate and strengthen the implementation of shared governance. One aim was to identify factors that acted as aids or barriers to effective decision-making by clinical leaders. As a work-based learning approach, action research was expected to lead to integration of learning into practice by researcher and participants alike. Shared governance replaces traditional hierarchies and requires and develops clinical leaders. Strategies are needed to maximize learning from introduction of such initiatives at the individual, group and organizational level. Participant-observations and interviews were undertaken with shared governance council members from one model in north-west England. Leadership skills and knowledge and shared governance practices were significantly enhanced. Preparation for council roles was considered inadequate. Increased structured time for reflection and action planning was indicated. Implementation of shared governance has succeeded in developing leadership capacity. Evaluation findings have led to improvements in the overall shared governance model. Action research has been found to have great utility at optimizing work-based learning. Nurse Managers need to develop their coaching and facilitating skills and recognize there is no "quick fix" for developing clinical leaders. Implications include the need to support learners in identifying and implementing changes arising from work-based learning activities, the significant resource implications and the need to optimize the organizational climate if work-based learning approaches to leadership and management development are to succeed.

Specialty assemblies meet during Congress, introduce new governing council members: Tuesday, March 13, to Thursday, March 15, 2001

AORN JournalVolume 73, Issue 6 p. 1082-1090 Congress Specialty assemblies meet during Congress, introduce new governing council members Tuesday, March 13, to Thursday, March 15, 2001 Deb Warren, Deb Warren Associate editor/newslettersSearch for more papers by this author Deb Warren, Deb Warren Associate editor/newslettersSearch for more papers by this author First published: 01 June 2001 https://doi.org/10.1016/S0001-2092(06)61833-4Read the full textAboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL Share a linkShare onFacebookTwitterLinked InRedditWechat Volume73, Issue6June 2001Pages 1082-1090 RelatedInformation

AMA-RPS Assembly Elects New Governing Council Members

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