Would a more diverse monetary policy panel spell better RBI rate calls?

livemint.com:

The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) is to be reconstituted soon, as per its usual schedule, and its revised composition will be of interest. The approach so far has been to have three members from RBI, including its governor, and three external members. These members are appointed by the central government for a term of four years.

The external members so far have been from the academic world, with five of the six being economists and one being an economist and financial expert. How does it work elsewhere? The US Federal Reserve’s Federal Open Market Committee has 12 members, of which seven are from the Board of Governors of the Federal Reserve System, one is the Federal Reserve Bank of New York’s governor, and four are from America’s other seven reserve banks on a rotation basis. The Bank of England’s MPC has nine members, of which five belong to the BoE, including its chief economist; it has four external members who are from academia, though not necessarily economists.

Hence the BoE’s model differs from ours. The European Central Bank’s (ECB) panel has six executive board members and governors of EU-member central banks. As the ECB represents the entire euro region, all countries have to be part of its decision-making process.

The panel of the People’s Bank of China has 14 members, including its governor and heads of other regulators, such as those regulating securities and insurance markets, with a few academics on its list. The Bank of Japan’s panel has nine members; it has the BoJ governor and two deputy governors, the other six being ordinary citizens appointed by Japan’s cabinet and approved by both its houses of parliament. Models clearly differ across economies.