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Consensus building on the FOMC: An analysis of end of tenure policy preferences

  • Johnson, Eric D.
  • Ellis, Michael A.
  • Kotenko, Diana

We document a behavioral idiosyncrasy in which Federal Reserve Bank presidents prefer tighter monetary policy at the end of their tenures. This suggests that consensus building on the Federal Open Market Committee occurs by moderating the policy preferences expressed by the presidents, rather than convincing them the consensus policy is superior.

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File URL: http://www.sciencedirect.com/science/article/pii/S0165176512003138
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Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 117 (2012)
Issue (Month): 1 ()
Pages: 368-371

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Handle: RePEc:eee:ecolet:v:117:y:2012:i:1:p:368-371
Contact details of provider: Web page: http://www.elsevier.com/locate/ecolet

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  1. Francisco Ruge-Murcia & Alessandro Riboni, 2008. "Monetary Policy by Committee: Consensus, Chairman Dominance or Simple Majority?," 2008 Meeting Papers 142, Society for Economic Dynamics.
  2. Belden, Susan, 1989. "Policy Preferences of FOMC Members as Revealed by Dissenting Votes," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 21(4), pages 432-41, November.
  3. Clare Lombardelli & James Proudman & James Talbot, 2002. "Committees versus individuals: an experimental analysis of monetary policy decision-making," Bank of England working papers 165, Bank of England.
  4. Henry W. Chappell, Jr. & Rob Roy McGregor & Todd A. Vermilyea, 2005. "Committee Decisions on Monetary Policy: Evidence from Historical Records of the Federal Open Market Committee," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262033305, June.
  5. Alan S. Blinder, 2008. "Making Monetary Policy by Committee," Working Papers 1051, Princeton University, Department of Economics, Center for Economic Policy Studies..
  6. Alan S. Blinder & John Morgan, 2008. "Leadership in Groups: A Monetary Policy Experiment," International Journal of Central Banking, International Journal of Central Banking, vol. 4(4), pages 117-150, December.
  7. William Greene, 2004. "The behaviour of the maximum likelihood estimator of limited dependent variable models in the presence of fixed effects," Econometrics Journal, Royal Economic Society, vol. 7(1), pages 98-119, 06.
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