Committees in making decisions about monetary policy

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Recall the Application about the effectiveness of committees in making decisions about monetary policy to answer the following? question(s). Former Fed viceminus−chairman Alan Blinder developed an experiment to see whether individuals or groups make better? decisions, and who makes them more rapidly. The experiment tested how quickly individuals and groups could distinguish changes in underlying trends from random? events, such as if a oneminus−month unemployment rate increase was a temporary aberration or the possible beginning of a? recession, and their decisions as to changing monetary policy as a reaction to the events. The experiment conducted by Blinder showed that the actual process of having committee meetings and discussions A. related to the average performance of the individual group members. B. magnified the individual group? member's differences. C. improved the? group's overall performance. D. tended to polarize the group into two distinct factions.

Reference no: EM131239829

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