Dissent and Disagreement on the Fed's FOMC: Understanding Regional Affiliations and limits to Transparency
AbstractThis paper addresses two important, but distinct, issues in monetary policy. The first issue concerns regional influences on voting within a monetary policy committee. In a committee that includes representatives from different regions or countries, is there a regional element to the monetary policy decision or to the votes cast by monetary policymakers? The second issue concerns possible limits to transparency. In an independent central bank that strives to be accountable and to communicate its policy effectively, are there circumstances under which increasing transparency could be harmful? The answer to both of these questions with respect to the Federal Reserve is "maybe".
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Bibliographic InfoPaper provided by Netherlands Central Bank, Research Department in its series DNB Working Papers with number 094.
Date of creation: Mar 2006
Date of revision:
central banking; Federal Reserve; FOMC; voting;
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
This paper has been announced in the following NEP Reports:
- NEP-ALL-2006-04-22 (All new papers)
- NEP-CBA-2006-04-22 (Central Banking)
- NEP-MAC-2006-04-22 (Macroeconomics)
- NEP-MON-2006-04-22 (Monetary Economics)
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