This paper analyzes empirically differences in the size of central bank boards
(or monetary policy committees) across countries. We discuss the possible
determinants of a board’s size. The empirical relevance of these factors is
examined using a new dataset that covers the de jure membership size of 84
central bank boards at the end of 2003. We find that larger and more
heterogeneous countries, countries with stronger democratic institutions,
countries with floating exchange rate regimes, and independent central banks
with more staff tend to have larger boards.