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Explaining Federal Reserve Monetary Policy

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  • Manabu Saeki
  • Steven A. Shull

Abstract

In an examination of Federal Funds rate monthly from 1954 to 2000, we compare a model using presidential party as a compositional variable with a model using presidential party as an interactive variable. Federal Reserve monetary policy was found responsive to the economy, to business elites, and to political circumstances. However, these influences had different patterns depending upon presidential party. The Federal Reserve appears to act neither randomly nor in isolation. It is responsive to the economy and interest groups but a President's partisan preference is particularly influential in decisions on monetary policy.

Suggested Citation

  • Manabu Saeki & Steven A. Shull, 2002. "Explaining Federal Reserve Monetary Policy," Review of Policy Research, Policy Studies Organization, vol. 19(2), pages 128-150, June.
    • Handle: RePEc:bla:revpol:v:19:y:2002:i:2:p:128-150
    DOI: 10.1111/j.1541-1338.2002.tb00268.x
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    Cited by:

    1. O. David Gulley & Jahangir Sultan, 2011. "Economics, politics and the federal funds markets: does the Fed play politics?," Applied Financial Economics, Taylor & Francis Journals, vol. 21(14), pages 1005-1019.

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