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Allies or commitment devices? A model of appointments to the Federal Reserve

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  • Keith E. Schnakenberg
  • Ian R. Turner
  • Alicia Uribe-McGuire

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  • Keith E. Schnakenberg & Ian R. Turner & Alicia Uribe-McGuire, 2017. "Allies or commitment devices? A model of appointments to the Federal Reserve," Economics and Politics, Wiley Blackwell, vol. 29(2), pages 118-132, July.
    • Handle: RePEc:bla:ecopol:v:29:y:2017:i:2:p:118-132
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    References listed on IDEAS

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    1. Eijffinger, Sylvester & Mahieu, Ronald & Raes, Louis, 2015. "Hawks and Doves at the FOMC," CEPR Discussion Papers 10442, C.E.P.R. Discussion Papers.
    2. Kenneth Rogoff, 1985. "The Optimal Degree of Commitment to an Intermediate Monetary Target," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 100(4), pages 1169-1189.
    3. Barro, Robert J & Gordon, David B, 1983. "A Positive Theory of Monetary Policy in a Natural Rate Model," Journal of Political Economy, University of Chicago Press, vol. 91(4), pages 589-610, August.
    4. Chang, Kelly H, 2001. "The President versus the State: Appointments in the American System of Separated Powers and the Federal Reserve," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 17(2), pages 319-355, October.
    5. Keefer, Philip & Stasavage, David, 2003. "The Limits of Delegation: Veto Players, Central Bank Independence, and the Credibility of Monetary Policy," American Political Science Review, Cambridge University Press, vol. 97(3), pages 407-423, August.
    6. Jerry H Tempelman, 2008. "The Depoliticization of Monetary Policy," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 43(2), pages 16-22, April.
    7. Chang,Kelly H., 2003. "Appointing Central Bankers," Cambridge Books, Cambridge University Press, number 9780521823333.
    8. Havrilesky, Thomas & Gildea, John A, 1992. "Reliable and Unreliable Partisan Appointees to the Board of Governors," Public Choice, Springer, vol. 73(4), pages 397-417, June.
    9. William Roberts Clark & Vincent Arel-Bundock, 2013. "Independent but Not Indifferent: Partisan Bias in Monetary Policy at the Fed," Economics and Politics, Wiley Blackwell, vol. 25(1), pages 1-26, March.
    10. Henry W. Chappell & Thomas M. Havrilesky & Rob Roy McGregor, 1993. "Partisan Monetary Policies: Presidential Influence Through the Power of Appointment," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 108(1), pages 185-218.
    11. Adolph,Christopher, 2013. "Bankers, Bureaucrats, and Central Bank Politics," Cambridge Books, Cambridge University Press, number 9781107032613.
    12. Smales, Lee A. & Apergis, Nick, 2016. "The influence of FOMC member characteristics on the monetary policy decision-making process," Journal of Banking & Finance, Elsevier, vol. 64(C), pages 216-231.
    13. Bendor, Jonathan & Meirowitz, Adam, 2004. "Spatial Models of Delegation," American Political Science Review, Cambridge University Press, vol. 98(2), pages 293-310, May.
    14. Thomas Romer & Howard Rosenthal, 1978. "Political resource allocation, controlled agendas, and the status quo," Public Choice, Springer, vol. 33(4), pages 27-43, December.
    15. Chappell, Henry W, Jr & McGregor, Rob Roy & Vermilyea, Todd, 2004. "Majority Rule, Consensus Building, and the Power of the Chairman: Arthur Burns and the FOMC," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 36(3), pages 407-422, June.
    16. Havrilesky, Thomas, 1988. "Monetary Policy Signaling from the Administration to the Federal Reserve," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 20(1), pages 83-101, February.
    17. Alesina, Alberto & Summers, Lawrence H, 1993. "Central Bank Independence and Macroeconomic Performance: Some Comparative Evidence," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 25(2), pages 151-162, May.
    18. Thomas Havrilesky, 1994. "Outside Influences On Monetary Policy: A Summary Of Recent Findings," Contemporary Economic Policy, Western Economic Association International, vol. 12(1), pages 46-51, January.
    19. Ferejohn, John & Shipan, Charles, 1990. "Congressional Influence on Bureaucracy," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 6(0), pages 1-20.
    20. Kydland, Finn E & Prescott, Edward C, 1977. "Rules Rather Than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy, University of Chicago Press, vol. 85(3), pages 473-491, June.
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    Cited by:

    1. Federico M. Giesenow & Jakob de Haan, 2019. "The influence of government ideology on monetary policy: New cross‐country evidence based on dynamic heterogeneous panels," Economics and Politics, Wiley Blackwell, vol. 31(2), pages 216-239, July.
    2. Niklas Potrafke, 2018. "Government ideology and economic policy-making in the United States—a survey," Public Choice, Springer, vol. 174(1), pages 145-207, January.
    3. Caitlin Ainsley, 2022. "Federal reserve appointments and the politics of senate confirmation," Public Choice, Springer, vol. 190(1), pages 93-110, January.
    4. Dodge Cahan & Luisa Doerr & Niklas Potrafke, 2019. "Government ideology and monetary policy in OECD countries," Public Choice, Springer, vol. 181(3), pages 215-238, December.

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