Economic and Financial Review


Central Bank of Nigeria


Panel Data Analysis, Interest rate decision, Monetary policy, Central Banking


This paper provided an empirical analysis of policy-makers' voting patterns on interest rates in Nigeria. Employing a (pooled) Taylor rule and using real-time data obtained from published personal statements of monetary policy committee members at the Central Bank of Nigeria (CBN), the paper tests for preference heterogeneity among MPC members. The aggregate reaction function as well as individual reaction functions for MPC members were used to tests whether there is a difference between the voting patterns of internal members and that of external members of the committee. Our results suggest evidence of heterogeneity among MPC members and that the voting patterns of the internal members are statistically different from that of the external members.

Author Bio

The authors are staff of the Monetary Policy Department, Central Bank of Nigeria.

Publication Title

CBN Economic and Financial Review





Recommended Citation

Ezema, C. C., Odonye, O. J., Shitile, T. S. & Afiemo, O. O. (2014). Analysis of Monetary Policy Decision Making among Heterogeneous Monetary Policy Committee (MPC) members at the Central Bank of Nigeria. CBN Economic and Financial Review, 52(3), 71-93.

Included in

Finance Commons



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