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Consensus building on the FOMC: An analysis of end of tenure policy preferences

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Author Info

  • Johnson, Eric D.
  • Ellis, Michael A.
  • Kotenko, Diana

Abstract

We document a behavioral idiosyncrasy in which Federal Reserve Bank presidents prefer tighter monetary policy at the end of their tenures. This suggests that consensus building on the Federal Open Market Committee occurs by moderating the policy preferences expressed by the presidents, rather than convincing them the consensus policy is superior.

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File URL: http://www.sciencedirect.com/science/article/pii/S0165176512003138
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Bibliographic Info

Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 117 (2012)
Issue (Month): 1 ()
Pages: 368-371

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Handle: RePEc:eee:ecolet:v:117:y:2012:i:1:p:368-371

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Web page: http://www.elsevier.com/locate/ecolet

Related research

Keywords: Central banking; Monetary policy; Committee decisions;

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References

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  1. Alan S. Blinder, 2009. "Making Monetary Policy by Committee," International Finance, Wiley Blackwell, vol. 12(2), pages 171-194, 08.
  2. Alan S. Blinder & John Morgan, 2008. "Leadership in Groups: A Monetary Policy Experiment," International Journal of Central Banking, International Journal of Central Banking, vol. 4(4), pages 117-150, December.
  3. Belden, Susan, 1989. "Policy Preferences of FOMC Members as Revealed by Dissenting Votes," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 21(4), pages 432-41, November.
  4. Lombardelli, Clare & Proudman, James & Talbot, James, 2005. "Committees Versus Individuals: An Experimental Analysis of Monetary Policy Decision Making," MPRA Paper 823, University Library of Munich, Germany.
  5. RIBONI, Alessandro & RUGE-MURCIA, Francisco J., 2008. "Monetary Policy by Committee: Consensus, Chairman Dominance or Simple Majority?," Cahiers de recherche 02-2008, Centre interuniversitaire de recherche en ├ęconomie quantitative, CIREQ.
  6. William Greene, 2004. "The behaviour of the maximum likelihood estimator of limited dependent variable models in the presence of fixed effects," Econometrics Journal, Royal Economic Society, vol. 7(1), pages 98-119, 06.
  7. Henry W. Chappell, Jr. & Rob Roy McGregor & Todd A. Vermilyea, 2005. "Committee Decisions on Monetary Policy: Evidence from Historical Records of the Federal Open Market Committee," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262033305, December.
  8. Clare Lombardelli & James Proudman & James Talbot, 2005. "Committees Versus Individuals: An Experimental Analysis of Monetary Policy Decision-Making," International Journal of Central Banking, International Journal of Central Banking, vol. 1(1), May.
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Cited by:
  1. Ellis, Michael A. & Liu, Dandan, 2013. "Do FOMC forecasts add value to staff forecasts?," European Journal of Political Economy, Elsevier, vol. 32(C), pages 332-340.

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