Disagreement, Regional Representation,and Federal Reserve Transcript Publication
AbstractThis short paper looks at disagreement within the Federal Reserve's monetary policy committee, the Federal Open Market Committee or FOMC, following a change in transparency practices taken in 1993 to publish verbatim transcripts of FOMC meetings. Other literature has examined the effects of opening the FOMC's deliberations to public view, and provided empirical evidence that the publication of transcripts made policymakers less willing to voice disagreement with the chair-man's policy proposal. This paper adds to that work by examining whether regional variables are important to the analysis and whether the transcription effects change when regional variables are included in the estimation. The results suggest that regional effects, as represented by the voting share of each Federal Reserve district, are important in explaining disagreements voiced during FOMC deliberations and do not diminish transcription effects.
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Bibliographic InfoPaper provided by American University, Department of Economics in its series Working Papers with number 2007-21.
Length: 13 pages
Date of creation: Nov 2007
Date of revision:
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Web page: http://www.american.edu/cas/economics/
Central banking; Monetary policy; Transparency;
Find related papers by JEL classification:
- E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
- F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
- E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
- E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
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