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Fomc Voting Behavior And Electoral Cycles: Partisan Ideology And Partisan Loyalty

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  • Rob Roy McGregor
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    Abstract

    The influence of partisan and electoral considerations on the monetary policy voting behavior of Federal Reserve Governors is investigated in the context of a model permitting the estimation of reaction functions on the basis of FOMC voting records. The results suggest that once we have controlled for the state of the economy and for the prevailing stance of monetary policy, both partisan ideologies and partisan loyalties appear to play an important role in the Governors'voting calculus. Copyright 1996 Blackwell Publishers Ltd..

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    File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1468-0343.1996.tb00118.x
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    Bibliographic Info

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

    Volume (Year): 8 (1996)
    Issue (Month): 1 (03)
    Pages: 17-32

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    Handle: RePEc:bla:ecopol:v:8:y:1996:i:1:p:17-32

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    Web page: http://www.blackwellpublishing.com/journal.asp?ref=0954-1985

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    Cited by:
    1. Ansgar Belke & Niklas Potrafke, 2011. "Does Government Ideology Matter in Monetary Policy?: A Panel Data Analysis for OECD Countries," Discussion Papers of DIW Berlin 1180, DIW Berlin, German Institute for Economic Research.
    2. Roland Vaubel, 2009. "Constitutional courts as promoters of political centralization: lessons for the European Court of Justice," European Journal of Law and Economics, Springer, vol. 28(3), pages 203-222, December.
    3. 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.
    4. Roland Vaubel, 2004. "The Future of the Euro: A Public Choice Approach," Cato Journal, Cato Journal, Cato Institute, vol. 24(1-2), pages 151-161, Spring/Su.
    5. Axel Dreher & Roland Vaubel, 2005. "Foreign Exchange Intervention and the Political Business Cycle: A Panel Data Analysis ," TWI Research Paper Series 9, Thurgauer Wirtschaftsinstitut, Universität Konstanz.
    6. Vaubel, Roland, 1997. "Reply to Berger and Woitek," European Journal of Political Economy, Elsevier, vol. 13(4), pages 823-827, December.
    7. Berlemann, Michael & Markwardt, Gunther, 2003. "Partisan cycles and pre-electoral uncertainty," Dresden Discussion Paper Series in Economics 01/03, Dresden University of Technology, Faculty of Business and Economics, Department of Economics.
    8. Silja Göhlmann & Roland Vaubel, 2005. "The Educational and Professional Background of Central Bankers and its Effect on Inflation – An Empirical Analysis," RWI Discussion Papers 0025, Rheinisch-Westfälisches Institut für Wirtschaftsforschung.
    9. 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.
    10. Berlemann, Michael & Markwardt, Gunther, 2006. "Variable rational partisan cycles and electoral uncertainty," European Journal of Political Economy, Elsevier, vol. 22(4), pages 874-886, December.

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