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Screening Fomc Members For Their Biases And Dependability

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  • Thomas Havrilesky
  • John Gildea
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    Abstract

    This paper develops conjectures regarding the process by which the President as a principal selects Federal Reserve Governors and Bank Presidents as his agents on the Federal Open Market Committee (FOMC). It first establishes that FOMC members can be grouped into sets which are marked by ease and tightness biases in voting behavior. It then identifies certain career characteristics of FOMC members which are correlated with each of these biases. The paper goes on to isolate reliable partisan subsets within the ease and tightness sets and identifies a career characteristic which is highly correlated with membership in these subsets; that characteristic is a career as an economist. Copyright 1991 Blackwell Publishers Ltd..

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    Bibliographic Info

    Article provided by Wiley Blackwell in its journal Economics & Politics.

    Volume (Year): 3 (1991)
    Issue (Month): 2 (07)
    Pages: 139-149

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    Handle: RePEc:bla:ecopol:v:3:y:1991:i:2:p:139-149

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    Cited by:
    1. Helge Berger & Ulrich Woitek, . "Does Conservatism Matter? A Time Series Approach to Central Banking," Working Papers 9814, Business School - Economics, University of Glasgow, revised May 1999.
    2. Mixon, Franklin Jr. & Upadhyaya, Kamal P., 2004. "Examining legislative challenges to central bank autonomy: macroeconomic and agency costs models," Journal of Economics and Business, Elsevier, vol. 56(5), pages 415-428.
    3. Beetsma, R.M.W.J. & Jensen, H., 1996. "Inflation targets and contracts with uncertain central banker preferences," Discussion Paper 1996-93, Tilburg University, Center for Economic Research.
    4. Vaubel, Roland, 1997. "The bureaucratic and partisan behavior of independent central banks: German and international evidence," European Journal of Political Economy, Elsevier, vol. 13(2), pages 201-224, May.
    5. Jon Faust & John Irons, 1996. "Money, politics and the post-war business cycle," International Finance Discussion Papers 572, Board of Governors of the Federal Reserve System (U.S.).
    6. Cukierman, A., 1996. "Targeting Monetary Aggregatesand Inflation in Europe," Discussion Paper 1996-32, Tilburg University, Center for Economic Research.
    7. Cukierman, A., 1996. "The Economics of Central Banking," Papers 36-96, Tel Aviv.
    8. Gohlmann, Silja & Vaubel, Roland, 2007. "The educational and occupational background of central bankers and its effect on inflation: An empirical analysis," European Economic Review, Elsevier, vol. 51(4), pages 925-941, May.
    9. Faust, Jon & Irons, John S., 1999. "Money, politics and the post-war business cycle," Journal of Monetary Economics, Elsevier, vol. 43(1), pages 61-89, February.

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