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Sylvester Eijffinger, Ronald Mahieu, Louis Raes At most central banks, monetary policy is determined by a committee. A potential advantage of committee decision-making is that ‘two heads are better than one’. But the nature of a committee also raises a host of questions, positive and normative. Earlier Vox columns have discussed issues related to committee composition, such as the role of the appointment process for the US Federal Reserve System’s monetary policy committee, the Federal Open Market Committee (FOMC) (Bordo and Istrefi 2018), and the desirability of diversity (see McMahon and Hansen 2010 related to internal and external members, Eijffinger et al. 2013 with regard to professional background, and Masciandaro et al. 2018 on gender). How transparency may induce monetary policy committee members to be better prepared has been discussed by Hansen et al. (2014), and how to decide on voting rules is studied by Claussen and Røisland (2015). An organisational feature that

New yorkUnited statesChappell jrBaker gibbonsEngland monetary policy committeeFederal reserve bankUs federal open market committeePrinceton universityMarket committeeSa reserve bankFederal reservePrinceton university pressConference of the central bankReserve systemFederal open market committeeFederal reserve system