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Disagreement, Regional Representation,and Federal Reserve Transcript Publication

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Author Info
Ellen E. Meade

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Abstract

This 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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File URL: http://www.american.edu/academic.depts/cas/econ/workingpapers/2007-21.pdf
File Format: application/pdf
File Function: First version, 2007
Download Restriction: no

Publisher Info
Paper provided by American University, Department of Economics in its series Working Papers with number 2007-21.

Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Length: 13 pages
Date of creation: Nov 2007
Date of revision:
Handle: RePEc:amu:wpaper:2107

Contact details of provider:
Web page: http://www.american.edu/cas/economics/

For technical questions regarding this item, or to correct its listing, contact: (Thomas Meal).

Related research
Keywords: 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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This page was last updated on 2009-11-23.

This information is provided to you by IDEAS at the Department of Economics, College of Liberal Arts and Sciences, University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics.