The Dynamic (In)efficiency of Monetary Policy by Committee

This paper develops a model where the value of the monetary policy instrument is selected by a heterogenous committee engaged in a dynamic voting game. Committee members differ in their institutional power and, in certain states of nature, they also differ in their preferred instrument value. Preference heterogeneity and concern for the future interact to generate decisions that are dynamically ineffcient and inertial around the previously-agreed instrument value. This model endogenously generates autocorrelation in the policy variable and provides an explanation for the empirical observation that the nominal interest rate under the central bank’s control is infrequently adjusted.

Monetary Policy by Committee:Consensus, Chairman Dominance or Simple Majority?

This paper studies the theoretical and empirical implications of monetary policy making by committee under three different voting protocols. The protocols are a consensus model, where super-majority is required for a policy change; an agenda-setting model, where the chairman controls the agenda; and a simple majority model, where policy is determined by the median member. These protocols give preeminence to different aspects of the actual decision making process and capture the observed heterogeneity in formal procedures across central banks. The models are estimated by Maximum Likehood using interest rate decisions by the committees of five central banks, namely the Bank of Canada, the Bank of England, the European Central Bank, the Swedish Riksbank, and the U.S. Federal Reserve. For all central banks, results indicate that the consensus model is statically superior to the alternative models. This suggests that despite institutionnal differences, committees share unwritten rules and informal procedures that deliver observationally equivalent policy decisions.

Budget-Balance, Fairness and Minimal Manipulability

A common real-life problem is to fairly allocate a number of indivisible objects and a fixed amount of money among a group of agents. Fairness requires that each agent weakly prefers his consumption bundle to any other agent’s bundle. Under fairness, efficiency is equivalent to budget-balance (all the available money is allocated among the agents). Budget-balance and fairness in general are incompatible with non-manipulability (Green and Laffont, 1979). We propose a new notion of the degree of manipulability which can be used to compare the ease of manipulation in allocation mechanisms. Our measure counts for each problem the number of agents who can manipulate the rule. Given this notion, the main result demonstrates that maximally linked fair allocation rules are the minimally manipulable rules among all budget-balanced and fair allocation mechanisms. Such rules link any agent to the bundle of a pre-selected agent through indifferences (which can be viewed as indirect egalitarian equivalence).

Liberation from Below : the Caribbean Conference Committee of Montreal and the global new left

Mémoire numérisé par la Division de la gestion de documents et des archives de l'Université de Montréal

L’Homme en question

Travail créatif: pièce de théâtre / Creative Work: Play

La Commission administrative et la modernisation des structures politiques et administratives de Montréal, 1918-1921

Ce mémoire revient sur la première tutelle de la Ville de Montréal, imposée par le gouvernement provincial de 1918 à 1921. Pour l’occasion, le Lieutenant-gouverneur du Québec nomme cinq administrateurs afin de gérer les affaires courantes de la municipalité. Peu connu des historiens et du public, cet événement suscite des changements profonds dans les structures politiques et administratives de la Ville qui laissent des empreintes dans la vie quotidienne actuelle des Montréalais. Puisqu’ils ne sont pas redevables devant la population, les commissaires mettent en œuvre plusieurs réformes souvent impopulaires qui permettent de rétablir l’équilibre budgétaire de la Ville. Au passage, ils tentent de moderniser l’administration municipale dont le fonctionnement est jusque-là incompatible avec les réalités d’une population grandissante et d’un espace urbain accru par les nombreuses annexions. Notre étude souligne les réformes implantées par la Commission administrative au niveau de la fiscalité, de l’organisation des services municipaux et des politiques d'urbanisme. Elles s’inspirent de réformes mises en œuvre dans plusieurs villes nord-américaines de grande taille. Durant leur mandat, les nouveaux administrateurs cherchent à imposer un modèle d’administration s’inspirant de grandes entreprises privées et réussissent à réduire de manière substantielle le déficit de la Ville. Enfin, une attention particulière est accordée à la fin du mandat de la Commission administrative et au régime administratif qui lui fait suite.

Social Media Use in Medical and Health Professional Education: Role of the Librarian on a Faculty Steering Committee

Objective: An interprofessional steering committee was created at Université de Montréal’s Faculty of Medicine to examine how social media are integrated in medical and health professional education in universities across the globe, and to propose a strategic plan for integrating social media in the Faculty’s various curricula. This presentation will summarize the steering committee’s work and describe the librarian’s contribution. Methods: The Committee’s project leader first conducted a literature search on best practices of social media in medical and health professional curricula. A reference website was then created (mse.med.umontreal.ca) to provide easy access to a large number of the articles and resources reviewed. A steering committee was constituted and 11 meetings were held over a 9-month period. The Committee comprised 18 members and included assistant deans, academic program directors, professors, communication advisors, undergraduate and graduate students and a librarian. An online survey on social media use by students and professors of the Faculty was conducted, ten pilot projects were put forward and a three-year strategic plan was proposed. Results: A total of 1508 students and 565 professors participated in the survey. Results showed that both groups had a strong interest in learning how social media could be integrated in academic and professional activities. Participants reported concern with risks associated with social media use and expressed the need for a Faculty policy and guidelines. The librarian’s contribution to the steering committee included: writing posts on the website’s internal blog, assisting in the design of the survey questionnaires and writing the final report’s survey results chapter. She also proposed two pilot projects: creating a social media learning portal and an altmetrics workshop. Conclusions: Based on the literature review and the survey results, the Committee affirmed the importance of integrating social media in the various study programs of the Faculty of Medicine. Despite the restricted timeline, this interprofessional steering committee was able to carry out its mandate because of the leadership and expertise of each of its members. As the librarian had the most experience with the use of social media in a professional context, her knowledge was instrumental in assisting the project leader in a group mainly composed of social media non-users.